Thoratec Corporation (NASDAQ: THOR) Investor Securities Class Action Lawsuit 01/24/2014

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Company Name(s): 
Thoratec
Case Name: 
Thoratec Shareholder Class Action Lawsuit 01/24/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: THOR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/24/2014
Class Period Begin: 
05/11/2011
Class Period End: 
08/06/2014
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
03/25/2014
Date Settled: 
03/20/2019
Settlement Amount: 
$11,900,000
Deadline to Participate in Settlement: 
06/18/2019
Settlement Notice: 
Settlement Proof: 
Summary: 

March 20, 2019 - The court preliminarily approved the settlement.

February 1, 2019 - Parties filed a stipulation of settlement.

October 4, 2017 - The U.S. Court of appeals for the Ninth Circuit reversed and remanded the judgement of the district court.

December 2, 2015 - The lead plaintiff filed a notice of appeal.

November 10, 2015 - The court granted defendants' motion to dismiss without leave to amend.

March 24, 2015 - The defendants filed a motion to dismiss.

January 20, 2015 - The lead plaintiff filed a second amended complaint.

November 26, 2014 - The court granted defendants' motion to dismiss with leave to amend.

August 20, 2014 - The defendants filed a motion to dismiss.

June 20, 2014 - The lead plaintiff filed an amended complaint.

April 21, 2014 - The lead plaintiff and lead counsel were appointed.

March 25, 2014 - A lead plaintiff motion was filed.

January 24, 2014 - An investor in shares of Thoratec Corporation (NASDAQ: THOR) filed a lawsuit in the U.S. District Court for the Northern District of California against Thoratec Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 29, 2010 and November 27, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Thoratec Corporation (NASDAQ: THOR) between April 29, 2010 and November 27, 2013, that Thoratec Corporation and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that defendants failed to disclose that Thoratec Corporation's HeartMate II Left Ventricular Assist Device had significant risk of pump thrombosis, causing numerous fatalities and that as a result of the foregoing, Thoratec Corporation's statements were materially false and misleading at all relevant times.

On April 4, 2012, U.S. regulators ordered a recall for Thoratec Corporation's HeartMate II heart pumps.

Thoratec Corporation reported that annual Total Revenue rose from $422.71 million in 2011 to $491.65 million in 2012, while its respective Net Income declined from $71.55 million to $56.16 million. On March 30, 2013, Thoratec Corporation reported its first quarter 2013 results. Among other things, Thoratec Corporation reported for the first quarter 2013 revenues of $117.70 million. On July 31, 2013, Thoratec Corporation reported its second quarter 2013 results. For the second quarter Thoratec Corporation reported revenues of $130.50 million.

On October 30, 2013. Thoratec Corporation its third quarter 2013 results. For the third quarter 2013 Thoratec Corporation reported revenues of $126.40 million.

Shares of Thoratec Corporation (NASDAQ: THOR) grew from $29.14 in early 2012 to as high as $43.30 per share on November 15, 2013.

Then on November 27, 2013, a study conducted by the Cleveland Clinic was published in the New England Journal of Medicine that said that an increasing rate of blood clots in patients implanted with Thoratec Corporation's HeartMate II pump the Company's HeartMate II device caused a high incidence of blood clots in heart patients.

Shares of Thoratec Corporation (NASDAQ: THOR) declined from $43.30 per share on November 15, 2013, to $35.68 per share on December 13, 2013.