According to the law firm press release, Neovasc is a specialty medical company that develops, manufactures and markets cardiovascular products. The Company's main product is the Tiara, a transcatheter mitral valve device used to treat mitral valve disease. The Tiara, which the Company started developing in the second quarter of 2011, can be implanted through minimally invasive surgery to individuals who experience mitral regurgitation as a result of mitral heart valve disease.
The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. 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 made false and/or misleading statements and/or failed to disclose: (i) that the Company's Tiara device was developed through unlawful business practices, including the misappropriation of trade secrets from another company; (ii) that a related lawsuit against Neovasc regarding the misappropriation of trades secrets had merit; and (iii) that, as a result of the above, Defendants' statements about Neovasc's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On November 22, 2016, the Court issued an Order granting Defendants' Motion to Dismiss and closing this case.