Edwards(EW) Prnewswire·2024-11-10 15:14Lawsuit Overview - Edwards Lifesciences Corporation is facing a class action lawsuit alleging violations of the Securities Exchange Act of 1934 during the Class Period from February 6, 2024, to July 24, 2024 [1] - The lawsuit claims that the company and certain executives made false or misleading statements regarding revenue outlook, growth projections, and risks related to its core product, Transcatheter Aortic Valve Replacement (TAVR) [4] - On July 24, 2024, Edwards Lifesciences disclosed disappointing Q2 2024 TAVR results and lowered its fiscal year 2024 projections, leading to a 31% drop in stock price [5] Product and Market Context - Edwards Lifesciences specializes in products and technologies for structural heart disease and critical care monitoring, with TAVR being one of its core products [3] - The lawsuit alleges that the company overstated hospital interest in continuing to use TAVR over newer, innovative structural heart therapies [4] Financial Impact - The company's optimistic reports on TAVR growth and anticipated ramp in Q2 2024 and throughout fiscal year 2024 fell short of expectations due to failed "patient activation activities" [4] - The stock price decline of more than 31% on July 24, 2024, reflects the market's reaction to the disappointing TAVR results and revised projections [5] Legal Process - Investors who purchased or acquired Edwards Lifesciences securities during the Class Period have until December 13, 2024, to seek appointment as lead plaintiff in the class action lawsuit [1] - The lead plaintiff will represent all class members and can select a law firm to litigate the case, with the ability to share in any potential future recovery not dependent on serving as lead plaintiff [6]