Edwards Lifesciences Corporation
| Company Name | Edwards Lifesciences Corporation |
| Stock Symbol | EW |
| Class Period | February 06, 2024 to July 24, 2024 |
| Lead Plaintiff Motion Deadline | December 13, 2024 |
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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