Edwards Lifesciences Faces Securities Lawsuit: Investors Who Lost Over $100,000 Should Contact Faruqi & Faruqi
Faruqi & Faruqi, LLP, a prominent national securities law firm, is investigating potential claims against Edwards Lifesciences Corporation (EW) for possible violations of federal securities laws. The firm is encouraging investors who incurred losses exceeding $100,000 in Edwards stock between February 6, 2024, and July 24, 2024, to reach out to them directly to discuss their legal options.
The lawsuit, filed against Edwards, alleges that the company and its executives misled investors about the performance and future prospects of its core product, Transcatheter Aortic Valve Replacement (TAVR). Specifically, the complaint claims that Edwards made false and/or misleading statements about the growth of TAVR, failing to disclose critical information that ultimately led to a significant decline in the company’s stock price.
The Allegations in Detail:
The complaint alleges that Edwards and its executives made statements suggesting strong commitment to the TAVR platform, confidence in capitalizing on untreated patients through scaling its patient activation activities, and continued claims of significant demand in lower-penetrated markets. However, on July 24, 2024, Edwards announced disappointing financial results for the second quarter of fiscal 2024, notably slashing its revenue guidance for the TAVR platform for the entire 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.” This statement, according to the lawsuit, suggested that new procedures, including Edwards’ own Transcatheter Mitral and Tricuspid Therapies (TMTT), were straining hospital resources, leading to underutilization of TAVR despite the company’s claims of a large untreated patient population.
Furthermore, Edwards announced three acquisitions during the second quarter aimed at strengthening alternative treatments to TAVR, further indicating an awareness of potential decelerated growth in the TAVR platform.
Investor Reaction and Stock Price Decline:
Investors and analysts reacted sharply to Edwards’ revelations. The price of Edwards’ common stock plummeted from a closing market price of $86.95 per share on July 24, 2024, to $59.70 per share on July 25, 2024, representing a decline of approximately 31.34% in a single day.
Lead Plaintiff Deadline:
Investors are reminded that the deadline to seek the role of lead plaintiff in this federal securities class action is December 13, 2024. The lead plaintiff is the investor with the largest financial interest in the relief sought by the class, and they will oversee the litigation on behalf of the class.
Contact Faruqi & Faruqi:
Investors who suffered losses exceeding $100,000 in Edwards stock between February 6, 2024, and July 24, 2024, are encouraged to contact Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) to discuss their legal rights.
You can also visit the firm’s website at www.faruqilaw.com/EW for more information on the Edwards Lifesciences Corporation class action.