WAYNE, Pa., Jan. 27, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the Southern District of New York on behalf of all persons or entities that purchased HeartWare International, Inc. ("HeartWare" or the "Company") (NASDAQ: HTWR) securities between June 10, 2014 and January 11, 2016, inclusive (the "Class Period").
HeartWare shareholders may, no later than March 22, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of HeartWare and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/htwr.
HeartWare is a medical device company that develops and manufactures miniature heart pumps that are implanted into the patient's body. It has been alleged that after the U.S. Food and Drug Administration ("FDA") issued a Warning Letter to the Company identifying numerous manufacturing and other regulatory failures at the Company's sole manufacturing facility, various officers and directors misled investors, in violation of their fiduciary duties, when they assured investors that the Company was addressing problems with HeartWare's manufacturing and other regulatory failures. The officers and directors repeatedly told investors that the items the FDA noted in its Warning Letter posed no risk to the clinical trials or timely approval of its new MVAD pump.
On September 9, 2015, HeartWare disclosed that it was halting enrollment in the MVAD trial because of a manufacturing problem with the device. On October 12, 2015, HeartWare disclosed that patients in the MVAD trial had suffered adverse events, and that the trial would be further delayed. Finally, on January 11, 2016, the Company revealed that problems with MVAD caused serious adverse events in nearly half of the patients so far implanted with the device, and that the trial would be delayed indefinitely.
In response to each of these disclosures, the price of HeartWare's common stock declined significantly. In total, HeartWare's common stock fell dramatically from its recent high to close at $34 per share on January 25, 2016.
If you are a member of the class, you may, no later than March 22, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/htwr. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP