A lawsuit was filed on behalf of investors in NASDAQ:NVCN shares over alleged securities laws violations and NASDAQ:NVCN investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/13/2016 -- An investor, who purchased NASDAQ:NVCN shares, filed a lawsuit in Massachusetts over alleged violations of Federal Securities Laws by Neovasc Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Neovasc Inc (US) (NASDAQ:NVCN) have certain options and for certain investors are short and strict deadlines running. Deadline: August 5, 2016. NASDAQ:NVCN investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges on behalf of purchasers of Neovasc Inc (US) (NASDAQ:NVCN) common shares between January 26, 2015, and May 19, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 26, 2015, and May 19, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that Neovasc Inc's Tiara device was developed through unlawful business practices, including the misappropriation of trade secrets from another company, that a related lawsuit against Neovasc Inc regarding the misappropriation of trades secrets had merit, and 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 March 26, 2016, Neovasc Inc announced its results for the fourth quarter and fiscal year 2015. Neovasc Inc reported that its annual Total Revenue declined from $14.37 million in 2014 to $9.93 million in 2015 and that its Net Loss increased from $17.18 million in 2014 to $26.73 million in 2015.
On April 29, 2016, Neovasc Inc announced its first quarter results for 2016. Neovasc Inc reported that its first quarter revenue declined from $2.3 million in 2015 to $2 million in 2016 and that its first quarter Net Loss increased from $4.96 million in 2015 to $10.83 million in 2016.
On May 29, 2016, Neovasc Inc announced that following a trial in Boston, Massachusetts a jury found in favor of CardiAQ, on CardiAQ's claims for relief for breach of contract, breach of the duty of honesty in contractual performance, and three of CardiAQ's six asserted trade secrets. Neovasc Inc announced that the jury also issued advisory findings in favor of CardiAQ regarding its causes of action under Massachusetts Gen. Law. Ch. 93A and patent inventorship, and that the jury awarded US $70 million on the trade secret claim for relief, and no damages on the contractual claims for relief.
Shares of Neovasc Inc (US) (NASDAQ:NVCN) declined from $9.90 per share in February 2015 to as low as $0.37 per share on May 20, 2016.
On June 6, 2016, NASDAQ:NVCN shares closed at $0.45 per share.
Those who purchased shares of Neovasc Inc have certain options and should contact the Shareholders Foundation.
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