Hagens Berman Reminds HeartWare International, Inc. (NASDAQ: HTWR) Investors of March 22nd Lead Plaintiff Deadline

SAN FRANCISCO, March 09, 2016 -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds HeartWare International, Inc. (NASDAQ:HTWR) investors of the March 22, 2016 lead plaintiff deadline in the class action lawsuit related to the delay in approval of HeartWare’s next major product, MVAD.

If you suffered losses because of your purchases of HeartWare securities between June 10, 2014 and January 11, 2016, and held at least 15,000 shares on January 11, 2016, or have information that will help our continuing investigation, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing [email protected] or visiting https://www.hbsslaw.com/cases/HTWR.  The lawsuit was filed in the U.S. District Court for the Southern District of New York and investors have until March 22, 2016 to move the court to participate as a lead plaintiff.

HeartWare is a medical device company that develops and manufactures miniature heart pumps that are implanted into the patient’s body.  The Complaint alleges Defendants misled investors, in violation of the securities laws, when they assured investors that the Company was addressing problems with HeartWare’s manufacturing and other regulatory failures.  Defendants repeatedly told investors that the items the FDA noted in its Warning Letter posed no risk to the clinical trials or timely approval of the MVAD pump.

The truth concerning the Company's failure to address the problems pointed out by the FDA and the impact on the MVAD release came to light over several disclosures last fall. First, on September 1, 2015, HeartWare announced a highly dilutive acquisition of Valtech Cardio, Ltd., a manufacturer of medical devices used to treat heart disease, which in turn revealed significant obstacles to the timely approval of MVAD.

Then, 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 72% from its Class Period high to close at $26.50 per share on January 12, 2016. The share price has not recovered and is trading under $31 per share.

Whistleblowers: Persons with non-public information regarding HeartWare should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at (510) 725-3000 or email [email protected].

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Contact:
Reed Kathrein, 510-725-3000