Full Press Release Details
SAN FRANCISCO , Nov. 07, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Edwards Lifesciences Corporation (NYSE: EW) investors who suffered substantial losses to submit your losses now.
Class Period: Feb. 6, 2024 – July 24, 2024
Lead Plaintiff Deadline: Dec. 13, 2024
Contact the Firm Now: EW@hbsslaw.com
Class Action Lawsuit Against Edwards Lifesciences Corporation (EW):
The litigation is focused on the propriety of Edwards Lifesciences’ disclosures about its core product, the Transcatheter Aortic Valve Replacement (“TAVR”) platform.
More specifically, throughout the Class Period, Edwards Lifesciences repeatedly assured investors that its TAVR platform was positioned for “strong sustainable growth” well into the future, it could “accelerate growth in 2025 and beyond[,]” TAVR could grow healthy double digit, and it could capitalize on the large percentage of undertreated patients with severe aortic stenosis.
The complaint alleges that the company made misleading statements and failed to disclose that: (i) it did not possess reliable information supportive of its TAVR revenue and growth outlook; (ii) TAVR growth was at risk of decelerating; and (iii) its “patient activation activities” did not reach the low-treatment-rate population.
Investors learned the truth on July 24, 2024, when Edwards Lifesciences announced its Q2 2024 financial results. Among other things, the company revealed that its TAVR sales grew just 5% and slashed its TAVR growth guidance to 5 to 7% from 8 to 10%.
The company blamed the TAVR setback on “[t]he continued growth and expansion of structural heart therapies, including newly approved tricuspid therapies and other fast-growing structural heart therapies put pressure on hospital workflows, which impacted TAVR.”
The next day, July 25, 2024, several analysts downgraded Edwards Lifesciences shares and reduced their price targets. One analyst wrote, “[m]anagement talked about physician capacity as the issue versus demand, but we struggle with that explanation [….] [b]ecause aortic stenosis has a higher mortality […] management looks to be implying that doctors could be prioritizing lower mortality patients over higher mortality ones – which we struggle to understand.”
These events drove the price of Edwards Lifesciences shares down $27.25 (-31%) on July 25, 2024, wiping out over $16 billion of shareholder value in a single day.
“We’re investigating whether Edwards Lifesciences may have misled investors about the true business and growth prospects for TAVR amid an apparently increasing competitive market,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Edwards Lifesciences and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Edwards Lifesciences case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Edwards Lifesciences should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email EW@hbsslaw.com.
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895