A law firm recently filed a class action claim on behalf of shareholders of a heart failure research firm, after claims of fiduciary duty breaches surfaced.
Robbins Arroyo, LLP, recently announced it filed litigation in the U.S. District Court for the Northern District of California against Thoratec Corporation. The suit includes all individuals who purchased shares in the company during the class period between April 29, 2010, and Nov. 27, 2013.
The lawsuit claims that the company's business leaders may have violated the Securities and Exchange Act of 1934. This is because the company potentially mislead investors about its product, the HeartMate II Left Ventricular Assist Device. On April 4, 2012, the company released a statement that noted the Food and Drug Administration was recalling the heart pumps due to a defect that could potentially cause death. After this news reached investors, the company's stock dropped to $32.83 per share, for a $1.52 decline.
A report from the New England Journal of Medicine noted on Nov. 27, 2013, that the product had a connection to an increase in pump thrombosis, which increased the level of deaths. By Nov. 29, 2013, the company's stock dropped to $39.37 per share, for close to 6.5 percent lower than the previous level.
The allegations surrounding the company are that statements from leaders were not forthright, and due to this, misled investors.
For those shareholders who are interested in learning more about the lawsuit, or would like to speak about how their rights are affected, it is possible to speak with the law office. The best contact is Darnell Donahue, and he can be reached by email or telephone. Shareholders can also visit the law office's website for more information.
Second class action filed
Another law firm noted it filed a securities class action lawsuit on behalf of Thoratec Corporation shareholders.
Levi and Korsinsky, LLP, filed a lawsuit in the same court for many of the aforementioned reasons, namely that the HeartMate product had serious defects.
Any class members who are interested in being lead plaintiff must file the correct paperwork with the court by March 24, 2014. It is not a position that is required in order to collect in the event of a recovery.
Shareholders were also encouraged to speak with this law firm in order to gain necessary information. It is possible to contact Joseph Levy, who can be reached by email or telephone, while the law office provided further information on its website.