Investigations
Edwards Lifesciences Corporation
Overview
Overview
- Deadline:
- Dec 13, 2024
| Company Name: | Company Name: Edwards Lifesciences Corporation |
| Stock Symbol: | Stock Symbol: EW |
Edwards Lifesciences Corporation (NYSE: EW): Edwards Lifesciences Corporation (“Edwards” or the “Company”) and certain of the Company’s senior executives have been sued for violations of the federal securities laws. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Edwards securities. The case is pending in the U.S. District Court for the Central District of California and is captioned Patel v. Edwards Lifesciences Corporation, et al., No. 24-cv-02221.
If you incurred losses on your investments in Edwards, you are encouraged to submit your information.
Why was Edwards Sued for Securities Fraud?
The Complaint alleges that Edwards is an international company that researches, develops, and provides products and technologies for heart valve repair and replacement therapies, as well as critical care monitoring solutions. Edwards categorizes its therapies and technologies into four categories: Transcatheter Aortic Valve Replacement (“TAVR”), Transcatheter Mitral and Tricuspid Therapies (“TMTT”), Surgical Structural Heart therapies, and Critical Care therapies.
As alleged, Edwards consistently touted the TAVR platform, the significant unmet demand for TAVR, and the Company’s ability to capitalize on that demand by scaling its various patient activation activities. For instance, Edwards stated that it was “confident that the future of TAVR remains strong driven by an increased focus on patient activation, a platform that delivers lifetime management for aortic stenosis patients, advances in new technologies such as RESILIA tissue, as well as indication expansion and increased global adoption.” Edwards further stated its “scaling of patient activation initiatives, along with next-gen TAVR and additional evidence on asymptomatic and moderate AS patients position us for healthy, sustainable TAVR growth well into the future.” In fact, according to the Company, “we knew that the [TAVR sales] growth will ramp throughout the year and that Q1 will be our lowest growth quarter.”
These statements were allegedly materially false and misleading. In truth, TAVR’s demand and growth had stalled as Defendants’ patient activation activities failed to reach the perceived low-treatment-rate population and healthcare organizations prioritized other treatments over TAVR.
On July 24, 2024, Edwards slashed guidance for TAVR for fiscal 2024 and announced disappointing financial results for TAVR for fiscal 2Q 24. This is allegedly because developments in new procedures, including Defendant’s own TMTT, put significant strain on hospital structural heart teams such that they were underutilizing TAVR, despite the Company’s continued claims of a significantly undertreated patient population.
The Stock Declines as the Truth is Revealed
The news disclosed on July 24, 2024 caused a significant 31% decline in the price of Edwards stock, from $86.95 per share on July 24, 2024 to $59.70 per share on July 25, 2024.
What are my Rights?
If you purchased or otherwise acquired Edwards securities, you may ask the Court no later than December 13, 2024, which is the first business day after 60 days from the date of the publication of notice of pendency of the action, to appoint you as Lead Plaintiff through counsel of your choice. To be a member of the Class, you need not take any action at this time. The ability to share in any potential future recovery is not dependent on serving as Lead Plaintiff.
If you incurred losses on your investments in Edwards, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.
If you incurred losses on your investments in Edwards, you are encouraged to submit your information.
Why was Edwards Sued for Securities Fraud?
The Complaint alleges that Edwards is an international company that researches, develops, and provides products and technologies for heart valve repair and replacement therapies, as well as critical care monitoring solutions. Edwards categorizes its therapies and technologies into four categories: Transcatheter Aortic Valve Replacement (“TAVR”), Transcatheter Mitral and Tricuspid Therapies (“TMTT”), Surgical Structural Heart therapies, and Critical Care therapies.
As alleged, Edwards consistently touted the TAVR platform, the significant unmet demand for TAVR, and the Company’s ability to capitalize on that demand by scaling its various patient activation activities. For instance, Edwards stated that it was “confident that the future of TAVR remains strong driven by an increased focus on patient activation, a platform that delivers lifetime management for aortic stenosis patients, advances in new technologies such as RESILIA tissue, as well as indication expansion and increased global adoption.” Edwards further stated its “scaling of patient activation initiatives, along with next-gen TAVR and additional evidence on asymptomatic and moderate AS patients position us for healthy, sustainable TAVR growth well into the future.” In fact, according to the Company, “we knew that the [TAVR sales] growth will ramp throughout the year and that Q1 will be our lowest growth quarter.”
These statements were allegedly materially false and misleading. In truth, TAVR’s demand and growth had stalled as Defendants’ patient activation activities failed to reach the perceived low-treatment-rate population and healthcare organizations prioritized other treatments over TAVR.
On July 24, 2024, Edwards slashed guidance for TAVR for fiscal 2024 and announced disappointing financial results for TAVR for fiscal 2Q 24. This is allegedly because developments in new procedures, including Defendant’s own TMTT, put significant strain on hospital structural heart teams such that they were underutilizing TAVR, despite the Company’s continued claims of a significantly undertreated patient population.
The Stock Declines as the Truth is Revealed
The news disclosed on July 24, 2024 caused a significant 31% decline in the price of Edwards stock, from $86.95 per share on July 24, 2024 to $59.70 per share on July 25, 2024.
What are my Rights?
If you purchased or otherwise acquired Edwards securities, you may ask the Court no later than December 13, 2024, which is the first business day after 60 days from the date of the publication of notice of pendency of the action, to appoint you as Lead Plaintiff through counsel of your choice. To be a member of the Class, you need not take any action at this time. The ability to share in any potential future recovery is not dependent on serving as Lead Plaintiff.
If you incurred losses on your investments in Edwards, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.