Edwards Lifesciences Corporation Sued by Investor
SAN DIEGO and IRVINE, Calif., Sept. 24, 2013
SAN DIEGOand IRVINE, Calif., Sept. 24, 2013 /PRNewswire/ --Shareholder
rights attorneys at Robbins Arroyo LLP announce that an investor of Edwards
Lifesciences Corporation (NYSE: EW) has filed a complaint in the U.S. District
Court for the Central District of California. The complaint alleges that the
company and certain of its officers violated the Securities Exchange Act of
1934 from April 25, 2012 to April 23, 2013 (the "Class Period"). Edwards
Lifesciences is a medical device maker that designs and markets, among other
things, artificial heart valves for implantation in patients with advanced
Edwards Lifesciences Accused of Making False and Misleading Statements
According to the complaint, Edwards Lifesciences issued materially false
and/or misleading statements and failed to disclose material facts about the
prospects, projected sales, and adoption of its Edwards SAPIEN transcatheter
aortic heart valve, including the related transfemoral and transapical
delivery methods ("SAPIEN"), which may be implanted using a minimally invasive
Specifically, the Complaint alleges that the defendants knew but concealed
from Edwards Lifesciences' 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' 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 the
statements made concerning the Company's operations, forecasts, and outlook.
As a result of these misrepresentations, Edwards Lifesciences shares traded at
artificially inflated prices during the Class Period.
Edwards Lifesciences Stock Drops on Retraction of Third Quarter Guidance
According to the complaint, on April 23, 2013, Edwards Lifesciences issued a
press release and hosted a conference call, lowering the company's 2013
guidance in part because "US … sales are below … expectations." In a
conference call held in connection with the earnings release, Chief Executive
Officer Michael A. Mussallem acknowledged that approximately twenty candidate
hospitals had postponed their SAPIEN training, there was substantially no
backlog of patients awaiting SAPIEN implants, and the company's financial
results had been and would likely continue to be weaker than estimates. The
lawsuit asserts that this adverse information caused the price of Edwards
Lifesciences stock to fall $18.21 per share, or 21.99%, to close at $64.60 per
share on April 24, 2013, on extremely heavy trading volume.
If you invested in Edwards Lifesciences and would like to discuss your
shareholder rights, please contact attorney Darnell R. Donahue at (800)
350-6003, firstname.lastname@example.org, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation
and shareholder rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. For more information, please
go to http://www.robbinsarroyo.com.
Press release link:
Attorney Advertising.Past results do not guarantee a similar outcome.
Darnell R. Donahue
Robbins Arroyo LLP
(619) 525-3990 or Toll Free at (800) 350-6003
SOURCE Robbins Arroyo LLP
Press spacebar to pause and continue. Press esc to stop.