This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Thoratec Corporation Investors: Thoratec Misled Investors According To A Newly Filed Class Action

SAN DIEGO and PLEASANTON, Calif., Jan. 28, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Thoratec Corporation (NASDAQ: THOR) has filed a federal securities fraud class action complaint in the U.S. District Court for the Northern District of California.  The complaint alleges that the company and certain of its officers violated the Securities and Exchange Act of 1934 between April 29, 2010 and November 27, 2013 (the "Class Period").  

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

Thoratec Accused of Failing to Disclose Risks Associated with HeartMate II Left Ventricular Assist Device

According to the complaint, shares of Thoratec shares fell $1.52, to close at $32.83 on April 4, 2012, on news that the company's HeartMate II heart pumps contained a potential deadly defect and were being recalled by the U.S. Food and Drug Administration.  The HeartMate II heart pumps are ventricular assist devices, which are Thoratec's primary product. Then, on November 27, 2013, a study released by the New England Journal of Medicine found 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, shares of Thoratec declined approximately 6.5%, to close at $39.37 per share on November 29, 2013.

The complaint alleges that Thoratec made materially false and misleading statements to investors about its HeartMate II Left Ventricular Assist Device.  Specifically, the company failed to disclose the substantial risk of pump thrombosis associated with the product, causing numerous fatalities. As a result, the company issued statements throughout the Class Period that were materially false and misleading.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,690.46 -55.52 -0.31%
S&P 500 2,103.45 -5.18 -0.25%
NASDAQ 5,127.3060 -1.4790 -0.03%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs