NEW YORK, Feb. 8, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in HeartWare International, Inc. ("HeartWare" or the "Company") (NasdaqGS: HTWR) of the March 22, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased HeartWare common stock from June 10, 2014 through January 11, 2016 (the "Class Period"). The case, St. Paul Teachers' Retirement Fund Association v. HeartWare International, Inc. et al., No. 1:16-cv-00520, was filed on January 22, 2016 and has been assigned to Judge Louis L. Stanton.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by falsely assuring investors that the Company had resolved problems identified in a Warning Letter from the U.S. Food and Drug Administration ("FDA").
Specifically, the lawsuit alleges that in June 2014 the FDA listed numerous manufacturing and regulatory failures at the Company's sole manufacturing facility. Thereafter, defendants repeatedly assured investors throughout the Class Period that the Company was adequately addressing the issues identified in the Warning Letter, and that they posed no risks to the timely approval of HeartWare's MVAD, an implantable heart pump. On September 9, 2015, however, HeartWare disclosed that it was halting enrollment in the MVAD clinical trial because of a manufacturing problem with the device.
Then, 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.
Throughout this period, HeartWare's share price fell from its Class Period high of $94.47 on April 10, 2015, to close at $26.50 per share on January 12, 2016—a nearly 72% drop.
Request more information now by clicking here: www.faruqilaw.com/HTWR. There is no cost or obligation to you.
If you invested in HeartWare securities from June 10, 2014 through January 11, 2016, and would like to discuss your legal rights, visit www.faruqilaw.com/HTWR. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding HeartWare's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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