NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Edwards Lifesciences Corp (“Edwards” or the “Company”) (NYSE: EW) in the United States District Court for the Central District of California on behalf of all persons and entities who purchased or otherwise acquired Edwards securities between February 6, 2024 and July 24, 2024, both dates inclusive (the “Class Period”). Investors have until December 13 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
According to the complaint, defendants provided investors with material information concerning Edwards’ expected revenue for the fiscal year 2024, particularly as it related to the growth of the Company’s core product, Transcatheter Aortic Valve Replacement (“TAVR”). Defendants’ statements included, among other things, strong commitment to the TAVR platform, confidence in the Company’s ability to capitalize on a subset of untreated patients through scaling of its various patient activation activities and continued claims of significant demand in allegedly lower-penetrated markets.
On July 24, 2024, Edwards unveiled below-expectation financial results for the second quarter of fiscal 2024 and, in particular, 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.” Investors understood this to mean that developments in new procedures, including defendant’s own Transcatheter Mitral and Tricuspid Therapies (“TMTT”), put significant strain on hospital structural heart teams such that they were underutilizing TAVR, despite the Company’s continued claim of a significantly undertreated patient population. 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.
Investors and analysts reacted immediately to Edwards’ revelations. The price of Edwards’ common stock declined dramatically. From a closing market price of $86.95 per share on July 24, 2024, Edwards’ stock price fell to $59.70 per share on July 25, 2024, a decline of about 31.34% in the span of just a single day.
If you purchased or otherwise acquired Edwards shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
