Medtronic To Pay $55M In HeartWare Investor Suit
Device-giant Medtronic has agreed to pay $54.5m to settle a class-action suit filed by investors in HeartWare, which Medtronic bought in 2016. The plaintiffs say HeartWare misled investors about the safety of a miniaturized heart pump under development.
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The deal gives Medtronic its first ventricular-assist devices and gives struggling HeartWare a needed boost.
HeartWare is counting on its established HVAD technology to carry it through a difficult period as it struggles to relaunch the clinical trial of the MVAD miniaturized ventricular assist device.
The US Department of Justice says the company provided advertising assistance and educational grants to health care providers that used its embolization devices.