A securities class action has been filed in the USDC — C.D.CA. against Edwards Lifesciences Corporation (EW) (“Edwards” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Edwards securities between February 06, 2024 and July 24, 2024, both dates inclusive (the “Class Period”).
Edwards is an international company that researches, develops, provides products and technologies for heart valve repair and replacement therapies, as well as critical care monitoring solutions. Edwards categorizes its therapies and technologies into four categories: Transcatheter Aortic Valve Replacement (“TAVR”), Transcatheter Mitral and Tricuspid Therapies (“TMTT”), Surgical Structural Heart therapies, and Critical Care therapies.
The complaint alleges 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. Defendants provided these overwhelmingly positive statements to investors 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; notably, that the Company’s 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.
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.
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