Thoratec HeartMate Class Action Lawsuit Filed by Investors

The medical device manufacturer Thoratec faces a class action lawsuit filed on behalf of investors, who claim that the company provided false and misleading information for both investors and the medical community about the safety of its HeartMate II left ventrical assist system (LVAS), which recent reports have linked to a potential increased risk of blood clots.

The complaint (PDF) was filed by Bradley Cooper on January 24, in the U.S. District Court for the Northern District of California, seeking class action status to include claims for any investors who purchased Thoratec stock between April 29, 2010 and November 27, 2013.

The Thoratec HeartMate II LVAS is a coronary implant given to patients whose hearts are too weak to efficiently pump blood. Former Vice President Dick Cheney is perhaps the most famous recipient, but they have been widely used among individuals with advanced heart disease who are waiting for a heart transplant or are too weak to undergo such a procedure.

The class action against Thoratec comes following a November 2013 study published by researchers from the Cleveland Clinic, which found a sharp increase in the number of blood clot-related injuries with the Thoratec HeartMate II implants since March 2011, suggesting that the rates of clot formation rose nearly four times when compared to individuals who received the same artificial heart pump before that time.

According to the investor lawsuit, Thoratec violated securities laws by making false or misleading statements, and failing to disclose the fact that the HeartMate II was linked to increased risks of blood clots and had been associated with multiple fatalities.

In addition to concerns about the blood clot problems with the Thoratec HeartMate II, the class action also includes allegations of issues surrounding a version of the LVAS that was recalled in 2012.

The Thoratec HeartMate II recall was announced in March 2012, following at least 29 reports that a sealed outflow graft bend relief could become disconnected. At the time of the recall, there were 29 incidents reported and one possible death due to multi-organ failure, a possible effect of the defective heart pumps.

Cooper claims that the wrongful acts and omissions by Thoratec caused a significant decline in the value of shares. According to a press release issued by the law firm that brought the complaint on Cooper’s behalf, other investors have until March 24, 2014 to ask the Court to appoint them as Lead Plaintiff in the case.