Labaton Sucharow LLP Has Filed a Class Action Lawsuit on Behalf of Investors
in Edwards Lifesciences Corp. -- EW
NEW YORK, Sept. 20, 2013 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP filed a
class action lawsuit on September 18, 2013 in the U.S. District Court for the
Central District of California. The lawsuit was filed on behalf of purchasers
of the common stock of Edwards Lifesciences Corp. ("Edwards Lifesciences" or
the "Company") (NYSE:EW) between April 25, 2012 and April 23, 2013, inclusive
(the "Class Period").
The action charges Edwards Lifesciences and certain of its officers with
violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934,
and SEC Rule 10b-5 promulgated thereunder. The complaint alleges that
Defendants made false and misleading statements and concealed material
information relating to the prospects, projected sales, and adoption of the
Company's Edwards SAPIEN transcatheter aortic heart valve, including the
related transfemoral and transapical delivery methods ("SAPIEN"), and related
projections of financial performance for the Company's operations, thereby
artificially inflating the price of Edwards Lifesciences stock.
Edwards Lifesciences, which is based in Irvine, California, is a medical
device company that designs and markets a range of products to treat heart
disease. The Company's products include artificial heart valves, such as
SAPIEN, for implantation in patients with advanced cardiovascular disease. The
complaint alleges that, during the Class Period, Edwards Lifesciences
concealed from shareholders that: (1) adoption of SAPIEN was weaker than the
Company claimed due to concerns among physicians over the risks and complexity
of the procedure for implanting the valve; (2) the Company's outlook for sales
and earnings per share was significantly weaker than the optimistic guidance
Defendants offered to investors; and (3) as a result, Defendants lacked a
reasonable basis for their statements concerning Edwards Lifesciences'
operations, forecasts, and outlook.
Edwards Lifesciences revealed the true prospects for SAPIEN on April 23, 2013.
After the markets closed that day, the Company disclosed that approximately
twenty hospitals that were candidates for offering SAPIEN had postponed the
requisite training for implanting the valve, that there was substantially no
backlog of patients awaiting SAPIEN implants, and that the Company's financial
results had been and would likely continue to be weaker than estimates. In
reaction to these disclosures, Edwards Lifesciences' stock price fell $18.21
per share, or 21.99 percent, to close at $64.60 per share on April 24, 2013.
If you are a member of this Class you can view a copy of the complaint and
join this class action online at
If you purchased Edwards Lifesciences common stock during the Class Period,
you may be able to seek appointment as Lead Plaintiff. Lead Plaintiff motion
papers must be filed with the U.S. District Court for the Central District of
California no later than November 18, 2013. A lead plaintiff is a
court-appointed representative for absent Class members. You do not need to
seek appointment as lead plaintiff to share in any Class recovery in this
action. If you are a Class member and there is a recovery for the Class, you
can share in that recovery as an absent Class member. You may retain counsel
of your choice to represent you in this action.
If you would like to consider serving as lead plaintiff or have any questions
about the lawsuit, you may contact Rachel A. Avan, Esq. of Labaton Sucharow
LLP, at (800) 321-0476 or (212) 907-0709, or via email at firstname.lastname@example.org.
Labaton Sucharow LLP, with offices in New York, New York and Wilmington,
Delaware, is one of the country's premier law firms representing institutional
investors in class action and complex securities litigation, as well as
consumers and businesses in class actions seeking to recover damages for
anticompetitive practices. The Firm has been a champion of investor and
consumer rights for more than 50 years, seeking recovery of current losses and
necessarygovernance reformsto protect investors and consumers.Labaton
Sucharowhas been recognized for its excellence by the courts and its
peers.More information about Labaton Sucharow is available at
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