Pomerantz Law Firm Announces the Filing of a Class Action Against Thoratec
Corporation and Certain Officers -- THOR
NEW YORK, Jan. 24, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class
action lawsuit against Thoratec Corporation ("Thoratec" or the "Company")
(Nasdaq:THOR) and certain of its officers. The class action, filed in United
States District Court, Northern District of California, and docketed under
14-cv-00360, is on behalf of a class consisting of all persons or entities who
purchased or otherwise acquired Thoratec securities between April 29, 2010 and
November 27, 2013 both dates inclusive (the "Class Period"). This class action
seeks to recover damages against Defendants for alleged violations of the
federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Thoratec securities during the Class
Period, you have until March 24, 2014 to ask the Court to appoint you as Lead
Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at
email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Thoratec researches, develops, manufactures, and markets medical devices for
circulatory support and vascular graft applications. The Company's products
include a ventricular assist device, an implantable left ventricular heart
assist device, a vascular access graft, and a coronary artery bypass graft.
Thoratec also supplies whole-blood coagulation testing equipment.
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, as well as failed to disclose material adverse
facts about the Company's business, operations, and prospects. Specifically,
Defendants failed to disclose that the Company's HeartMate II Left Ventricular
Assist Device had significant risk of pump thrombosis, causing numerous
fatalities. As a result of the foregoing, the Company's statements were
materially false and misleading at all relevant times.
On April 4, 2012, U.S. regulators ordered a recall for the company's HeartMate
II heart pumps for a potentially deadly defect. In a regulatory posting by the
Food and Drug Administration, the agency stated that the recall "was initiated
after Thoratec found that a component of the implanted device, which pumps
blood for heart failure patients, may sometimes be improperly attached to the
HeartMate II." On the news, Thoratec shares tumbled $1.52 or almost 4.5% to
close at $32.83 on April 4, 2012.
On November 27, 2013, after the market closed, The New England Journal of
Medicine released a study entitled, "Unexpected Abrupt Increase in Left
Ventricular Assist Device Thrombosis" concluding that the "rate of pump
thrombosis related to the use of the HeartMate II has been increasing at our
centers and is associated with substantial morbidity and mortality." On this
news, Thoratec shares declined $2.75 per share or 6.5%, to close at $39.37 per
share on November 29, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
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