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.
In November 2018, the Court-appointed Lead Plaintiff St. Paul Teachers’ Retirement Fund Association reached a settlement of this action for $54.5 million in cash that resolves all claims in the action.
On April 12, 2019, after a hearing, the Court entered a Judgment approving the Settlement and entered orders approving the Plan of Allocation for the proceeds of the Settlement and Lead Counsel’s motion for attorneys’ fees and expenses.
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).
Please read the Notice to fully understand your rights and options.