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Neovasc (NVC) Avoids Lawsuit Over $70 Million Loss to CardiAQ Valve Technologies (CVT)



11/23/2016 6:45:45 AM

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Neovasc Announces Dismissal of Class Action Lawsuit

VANCOUVER, Nov. 23, 2016 /CNW/ - Neovasc Inc. ("Neovasc" or the "Company") (NASDAQ: NVCN) (TSX: NVC) announced today that the United States District Court for the District of Massachusetts granted the Company's motion to dismiss with prejudice in the case of Grobler v. Neovasc Inc, et al., Civil Action No. 16-11038-RGS, a putative securities class action that was filed on June 6, 2016 against the Company and certain of the Company's officers. 

The Court ruled in favor of the Company and its officers on all claims and ordered the entire case closed.  The Company is not aware as to whether, and presently cannot foresee whether, the plaintiff will appeal the dismissal of his claims or will file any post-dismissal motions.

About Neovasc Inc. 
Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace.  Its products in development include the Tiara™, for the transcatheter treatment of mitral valve disease and the Neovasc Reducer™ for the treatment of refractory angina. The Company also sells a line of advanced biological tissue products that are used as key components in third-party medical products including transcatheter heart valves. For more information, visit: www.neovasc.com.

This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including statements regarding any future developments in the class action litigation, including any potential appeals and post-dismissal motions.  The words "cannot foresee" and "will" are intended to identify these forward-looking statements.  Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances.  Many factors and assumptions could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, potential changes in circumstances relating to litigation involving the Company, whether as a result of unforeseen circumstances or otherwise; and the conduct or possible outcomes of any actual or threatened legal proceedings, including any post-dismissal motions or appeals, which are inherently uncertain. Risk factors concerning the class action litigation and others relating to the Company were previously discussed in greater detail in the "Risk Factors" section of the Company's Annual Information Form, which is included in its Annual Report on Form 40-F (copies of which filings may be obtained at www.sedar.com or www.sec.gov).  These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements.  The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Neovasc Inc.

For further information: Investor Relations: Neovasc Inc., Chris Clark, 604 248-4138, cclark@neovasc.com


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