| COMPANY |
Edwards Lifesciences Corporation |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
24-cv-02221 |
| JUDGE |
The Hon. TBD |
| CLASS PERIOD |
February 6, 2024 through July 24, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS DECEMBER 13, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
The Class Period begins on February 6, 2024, when Edwards issued their fourth quarter results. In connection with its results, the company published a press release, highlighting, in pertinent part, the significant progress that was made by the company’s core product - Transcatheter Aortic Valve Replacement (“TAVR”) - stating that “Q4 TAVR sales grew 13 percent; constant currency sales grew 12 percent.”
Then on July 24, 2024, Edwards announced 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. Edwards attributed the TAVR setback on the “continued growth and expansion of structural heart therapies … [which] put pressure on hospital workflows.” Moreover, Edwards announced three acquisitions during the second quarter designed to embolden their treatments alternative to TAVR, suggesting further that Edwards was aware of the potential for the TAVR platform’s decelerated growth. On this news, the price of Edwards’ common stock declined significantly, from a close of $86.95 per share on July 24, 2024, to close at $59.70 per share on July 25, 2024, a decline of about 31.34%.
The complaint alleges that, throughout the Class Period, Defendants provided overwhelmingly positive statements to investors related to the growth of the company's core product, 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. Specifically, Edwards’ 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.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.