Morgan & Morgan Announces a Securities Fraud Class Action Lawsuit Has Been
Filed Against Edwards Lifesciences Corporation -- EW
NEW YORK, Sept. 23, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a
class action has been filed in the United States District Court for the
Central District of California against Edwards Lifesciences Corporation
("Edwards Lifesciences" or the "Company") (NYSE:EW) on behalf of investors who
purchased the common stock of the Company during the period between April 25,
2012 and April 23, 2013, inclusive (the "Class Period").
If you purchased Edwards Lifesciences during the Class Period, you may, no
later than November 18, 2013, request that the Court appoint you lead
plaintiff of the proposed class. A lead plaintiff is a representative party
that acts on behalf of other class members in directing the litigation. Any
member of the purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and remain an
absent class member.
If you purchased Edwards Lifesciences and want more information about the
Edwards Lifesciences Class Action, please contact George Pressly, Esq. at 1
(800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com.
The Complaint alleges that the Company issued materially false and/or
misleading statements and failed to disclose material facts related 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. Specifically, the Complaint alleges
that the defendants knew, but concealed from Edwards Lifesciences's
shareholders, during the Class Period 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) Edwards
Lifesciences's outlook for sales and earnings per share ("EPS") was
significantly weaker than the optimistic guidance defendants offered to
investors; and (3) as a result, defendants lacked a reasonable basis for the
statements made concerning the Company's operations, forecasts and outlook.
On April 23, 2013, the Company disclosed that approximately 20 medical centers
had postponed SAPIEN training, 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. Following this
news, Edwards Lifesciences's stock price fell $18.21 per share, or about 20
percent, to close at $64.60 per share on April 24, 2013.
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law firms. In addition to
securities fraud, the firm also practices in the areas of antitrust, personal
injury, consumer protection, wage and hour, and product liability. All of the
Firm's legal endeavors are rooted in its core mission: provide investor and
consumer protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Morgan & Morgan
Peter Safirstein, Esq.
28 West 44th Street
New York, NY 10036
Press spacebar to pause and continue. Press esc to stop.