The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Edwards Lifesciences Corporation (“Edwards Lifesciences” or the “Company”) (NYSE: EW) securities between February 6, 2024 and July 24, 2024, inclusive (the “Class Period”). Edwards Lifesciences Corporation investors have until December 13, 2024 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 24, 2024, Edwards Lifesciences announced fiscal second quarter 2024 results which came in below expectations. The Company also announced lowered projections for its core Transcatheter Aortic Valve Replacement (TAVR) platform for the full fiscal year 2024. The Company attributed the TAVR setback to the “continued growth and expansion of structural heart therapies … [which] put pressure on hospital workflows.”
On this news, Edwards Lifesciences’ stock price fell $27.25, or 31.34%, to close at $59.70 per share on July 25, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company did not possess reliable information pertaining to projected revenue outlook and anticipated growth; (2) the Company’s growth was at risk of decelerating; (3) the Company’s “patient activation activities” failed to reach the perceived low-treatment-rate population TAVR’s growth relied upon obtaining; (4) the Company overstated hospital desire to continue to utilize the Company’s TAVR procedures over newer, innovative structural heart therapies; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Edwards Lifesciences securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com.
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