Brower Piven Alerts Shareholders of Upcoming Deadline in Class Action Lawsuit and Encourages Investors Who Have Losses in Exc...
29 July 2016 - 5:50AM
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the District of
Massachusetts on behalf of purchasers of Neovasc, Inc.
(Nasdaq:NVCN) (“Neovasc” or the “Company”) securities during the
period between January 26, 2015 through May 19, 2016, inclusive
(the “Class Period”). Investors with losses in excess of
$100,000 who wish to become proactively involved in the litigation
have until August 5, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you
and the Class, you must apply to be appointed lead plaintiff and be
selected by the Court. The lead plaintiff will direct the
litigation and participate in important decisions including whether
to accept a settlement for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the
largest loss from investment in Neovasc securities during the Class
Period. Members of the Class will be represented by the lead
plaintiff and counsel chosen by the lead plaintiff. No class
has yet been certified in the above action.
The complaint accuses the defendants of
violations of the Securities Exchange Act of 1934 by virtue of the
defendants’ failure to disclose during the Class Period that the
Tiara, a transcatheter mitral valve device used to treat mitral
valve disease, was developed through unlawful business practices,
including the misappropriation of three trade secrets from CardiAQ
Valve Technologies, Inc. (“CardiAQ”) and that CardiAQ’s lawsuit
against Neovasc had merit as the Company misappropriated trade
secrets.
According to the complaint, following a May 19,
2016 announcement by the Company of the jury verdict in the CardiAQ
case, which awarded $70 million in damages to CardiAQ after finding
in favor of CardiAQ on CardiAQ’s claims for relief for breach of
contract, breach of the duty of honesty in contractual performance,
and misappropriation of three of CardiAQ’s six asserted trade
secrets, the value of Neovasc shares declined significantly.
If you have suffered a loss from investment in
Neovasc securities purchased on or after January 26, 2015 and held
through the revelation of negative information during and/or at the
end of the Class Period and would like to learn more about this
lawsuit and your ability to participate as a lead plaintiff,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You
may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. Brower Piven also encourages anyone with
information regarding the Company’s conduct during the period in
question to contact the firm, including whistleblowers, former
employees, shareholders and others.
Attorneys at Brower Piven have extensive
experience in litigating securities and other class action cases
and have been advocating for the rights of shareholders since the
1980s. If you choose to retain counsel, you may retain Brower
Piven without financial obligation or cost to you, or you may
retain other counsel of your choice. You need take no action
at this time to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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