HeartWare International, Inc. Securities Litigation Website

The information contained on this web page is only a summary of information presented in more detail in the Settlement Notice. Because this website is just a summary, you should review the Notice for additional details.

This case, In re Heartware International, Inc. Securities Litigation, Civil Action No. 1:16-cv-00520-RA, brought in the United States District Court for the Southern District of New York, arises out of allegations HeartWare and its then-CEO, Douglas E. Godshall made a series of alleged misstatements and omissions about the safety and commercial viability of HeartWare’s new product, a heart pump called the “MVAD.” Specifically, Lead Plaintiff alleges that Defendants misrepresented HeartWare’s progress in remedying deficiencies in its processes for manufacturing and testing the MVAD that had been identified in a warning letter from the U.S. Food and Drug Administration (“FDA”) and made misstatements and omissions about the safety and commercial prospects of the MVAD. Lead Plaintiffs allege that the truth emerged through a series of disclosures in the fall of 2015 and January 2016, including the announcements that serious adverse events had been observed in a pivotal clinical trial of the MVAD, which led to the indefinite suspension of clinical trials for that product.

The Court-appointed Lead Plaintiffs, St. Paul Teachers’ Retirement Fund Association on behalf of itself and the other members of the Class (defined below), have reached a proposed settlement with Defendants for $54,500,000 in cash that, if approved, will resolve all claims in the Action (the “Settlement”).

If you are a member of the Class, your rights will be affected and you may be eligible for a payment from the Settlement. The Class consists of:

All persons and entities who purchased or otherwise acquired the common stock of HeartWare from June 10, 2014 through January 11, 2016, inclusive (the “Class Period”), and who were damaged thereby, except for certain persons and entities who are excluded from the Class by definition (see page 5 of the Notice), or who request exclusion pursuant to the instructions set forth in the Notice (see page 12 of the Notice).

Please read the Notice to fully understand your rights and options.

The Settlement Hearing will be held on April 12, 2019 at 11:45 a.m., before the Honorable Ronnie Abrams at the United States District Court for the Southern District of New York, Courtroom 1506 of the Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY 10007. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Class.

If you are a member of the Class, in order to be potentially eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than May 14, 2019.

Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.

 

 LEGAL RIGHTS AND OPTIONS OF CLASS MEMBERS:
SUBMIT A CLAIM FORM This is the only way to be eligible to receive a payment from the Settlement. Unless otherwise extended by the Court, Claim Forms must be postmarked on or before May 14, 2019.
EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN MARCH 22, 2019
If you exclude yourself from the Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Defendants’ Releasees concerning the Released Plaintiffs’ Claims. Please see page 12 of the Notice for instructions on requesting exclusion from the Class.
OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN MARCH 22, 2019
If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a Class Member and do not exclude yourself from the Class. Please see page 13 of the Notice for instructions on submitting an objection.