WILMINGTON, Del., June 16, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Neovasc Inc. (NASDAQ:NVCN)?
- Did you purchase your shares between January 26, 2015 and May 19, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities that purchased the common stock of Neovasc Inc. (“Neovasc” or the “Company”) (NASDAQ:NVCN) between January 26, 2015 and May 19, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Neovasc during the Class Period, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/neovasc-inc-nvcn.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company’s Tiara device was developed through unlawful business practices, including the misappropriation of three trade secrets from CardiAQ Valve Technologies, Inc. (“CardiAQ”); (2) CardiAQ’s lawsuit against Neovasc indeed had merit as the Company misappropriated trade secrets; and (3) 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. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on June 6, 2014, CardiAQ filed suit in the United States District Court for the District of Massachusetts against Neovasc and a subsidiary asserting claims for correction of inventorship, breach of contract, breach of implied covenant of good faith and fair dealing, fraud, misappropriation of trade secrets, and unfair and deceptive trade practices. On May 19, 2016, a jury awarded CardiAQ $70 million in damages after determining that Neovasc had breached contractual provisions and misappropriated three trade secrets.
On this news, shares of Neovasc plummeted 75%, closing at $0.46 per share on May 20, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than August 5, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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