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Neovasc Inc.

Case Summary

Neovasc Inc. Securities Litigation

Case Summary

Case Status:    DISMISSED    
On or around 01/12/2017 (Other)

Filing Date: June 06, 2016

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.

Company & Securities Information

Defendant: Neovasc Inc.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: NVCN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Sergio Grobler, et al. v. Neovasc Inc., et al.

COURT: D. Massachusetts
DOCKET #: 16-CV-11038
JUDGE: Hon. Richard G. Stearns
DATE FILED: 06/06/2016
CLASS PERIOD START: 01/26/2015
CLASS PERIOD END: 05/19/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint 06/06/2016
2 Memorandum And Order on Defendants' Motion to Dismiss 11/22/2016
3 Order of Dismissal 11/22/2016
4 U.S. District Court Civil Docket 01/12/2017
 
 

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