SAN DIEGO, Oct. 16, 2024 (GLOBE NEWSWIRE) — Robbins LLP informs investors that a shareholder filed a class action on behalf of all investors who purchased or otherwise acquired Edwards Lifesciences Corporation EW securities between February 6, 2024 and July 24, 2024. Edwards is an international company that researches, develops, provides products and technologies for heart valve repair and replacement therapies, as well as critical care monitoring solutions.
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The Allegations: Robbins LLP is Investigating Allegations that Edwards Lifesciences Corporation (EW) Misled Investors Regarding the Growth of its Core Product
According to the complaint, during the class period, Defendants provided overwhelmingly positive statements to investors related to the growth of the Company’s core product, Transcatheter Aortic Valve Replacement (“TAVR”), while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Edwards’ TAVR platform. Notably, the Company’s claims and confidence relied far too heavily on their perceived ability to engage the claimed low-treatment-rate population of patients and an overestimation of the desire for hospitals and other care facilities to continue to utilize and otherwise commit resources to the TAVR procedures over newer, innovative treatment alternatives.
Plaintiff alleges that on July 24, 2024, Edwards unveiled below-expectation financial results for the second quarter of fiscal 2024 and slashed its revenue guidance for the TAVR platform for the full fiscal year 2024. The Company attributed the TAVR setback on the “continued growth and expansion of structural heart therapies … [which] put pressure on hospital workflows.” Moreover, the Company announced three acquisitions during the second quarter designed to embolden their treatments alternative to TAVR, suggesting further that the company was aware of the potential for the TAVR platform’s decelerated growth. On this news, the price of Edwards’ common stock declined dramatically, from $86.95 per share on July 24, 2024, to $59.70 per share on July 25, 2024, a decline of about 31.34%.
What Now: You may be eligible to participate in the class action against Edwards Lifesciences Corporation. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by December 13, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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