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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Investors It Has Filed a Complaint to Recover Losses Suffered by Purchasers of Edwards Lifesciences Corporation Securities and Sets a Lead Plaintiff Deadline of December 13, 2024
EWEdwards(EW) GlobeNewswire News Room·2024-10-14 20:11

Lawsuit and Allegations - A class action lawsuit has been filed against Edwards Lifesciences Corporation for securities purchased between February 6, 2024, and July 24, 2024 [1] - The lawsuit alleges that the company provided misleading information regarding its expected revenue for fiscal year 2024, particularly related to the growth of its core product, Transcatheter Aortic Valve Replacement (TAVR) [2] - Defendants claimed strong commitment to the TAVR platform and confidence in capitalizing on untreated patients through patient activation activities [2] Financial Performance and Guidance - On July 24, 2024, Edwards reported below-expectation financial results for Q2 2024 and significantly reduced its revenue guidance for the TAVR platform for the full fiscal year [3] - The company attributed the TAVR setback to the growth and expansion of structural heart therapies, which pressured hospital workflows [3] - Investors interpreted this as new procedures, including Transcatheter Mitral and Tricuspid Therapies (TMTT), straining hospital resources and leading to underutilization of TAVR [3] Market Reaction - Following the financial revelations, Edwards' stock price dropped dramatically from 8695pershareonJuly24,2024,to86 95 per share on July 24, 2024, to 59 70 per share on July 25, 2024, a decline of approximately 31 34% in a single day [4] Strategic Moves - During Q2 2024, Edwards announced three acquisitions aimed at strengthening treatments alternative to TAVR, suggesting the company anticipated decelerated growth in the TAVR platform [3]