NEW YORK, Jan. 26, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against HeartWare International, Inc. (“Heartware” or the “Company”) (Nasdaq:HTWR) in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased HeartWare securities between June 10, 2014 and January 11, 2016, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that the Company and certain of its senior executives violated provisions of the Exchange Act by making numerous false and misleading statements and omissions of material fact, including in press releases and in statements during conferences and conference calls with analysts and investors. Specifically, the Complaint alleges that after the U.S. Food and Drug Administration (“FDA”) issued a Warning Letter identifying numerous manufacturing and other regulatory failures at the Company’s sole manufacturing facility, Defendants falsely assured investors that the Company had addressed those problems, and that they therefore posed no risk to the clinical trials or timely approval of MVAD, a pump that HeartWare is presently developing.
Following a series of disclosures regarding adverse effects in certain clinical trial patients, shares of HeartWare have declined from a close of $87.73 per share on June 25, 2014, to a close of just $34.50 per share on January 22, 2016.
If you wish to serve as lead plaintiff, you must move the Court no later than March 22, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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