The Law Firm of Wohl & Fruchter Files Class Action Lawsuit Against Edwards
Lifesciences Corp. and Other Defendants
NEW YORK -- November 15, 2013
The law firm of Wohl & Fruchter LLP has filed a class action lawsuit against
Edwards Lifesciences Corp. (Edwards Lifesciences) (NYSE: EW) and certain of
its officers. The class action, filed on October 24, 2013, in the United
States District Court, Central District of California, and docketed under
SACV13-1666-BRO-DFMx, is on behalf of a class consisting of all persons or
entities who purchased or otherwise acquired securities of Edwards
Lifesciences between April 25, 2012 and April 23, 2013, both dates inclusive
(the "Class Period"). This class action seeks to recover damages against the
Company and certain of its officers and directors as a result of alleged
violations of the federal securities laws pursuant to Sections 10(b) and 20(a)
of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased EW shares during the Class Period and
wish to serve as a lead plaintiff, you have until November 18, 2013 to seek
appointment by the Court as lead plaintiff for the class. To discuss the case
or learn more about becoming a lead plaintiff, please contact J. Elazar
Fruchter at firstname.lastname@example.org, or call us toll free at 866.833.6245.
A copy of the complaint filed by Wohl & Fruchter can be obtained at:
Edwards Lifesciences is a medical device maker that designs and markets, among
other things, artificial heart valves for implantation in patients with
advanced cardiovascular disease. The Company offers a range of such valves,
including both valves that require traditional open-chest surgery, and its
newer SAPIEN line of transcatheter heart valves ("THYs"), which may be
implanted using a minimally invasive procedure.
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, as well as failed to disclose material adverse
facts about the Company's business, operations, and prospects. Specifically,
Defendants failed to disclose and/or misrepresented adverse facts, including
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 ("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 October 8, 2012, Edwards Lifesciences issued a press release announcing
weak preliminary financial results for the quarter ended September 30, 2012,
stating in relevant part, that "transcatheter heart valve sales were below
expectations." Michael A. Mussallem, Chief Executive Officer ("CEO") of
Edwards Lifesciences, attributed these surprisingly poor results to austerity
measures in Europe, and reimbursement uncertainty and physicians' summer
vacations in the United States.
On April 23, 2013, the Company disclosed that approximately 20 candidate
hospitals 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. On
this news, Edwards Lifesciences shares fell $18.21 per share, or 21.99%, to
close at $64.60 per share on April 24, 2013.
More recently, in November 2013, Edwards Lifesciences announced a recall of
components of its Embol-X Glide Protection System, an access catheter device
used to capture blood clots and tissue fragments during bypass surgeries. The
FDA has assigned its Class I tag to the recall -- the most serious
classification - warning that using the device could lead to serious adverse
events including death.
Wohl & Fruchter LLP is an experienced securities litigation firm representing
plaintiffs in class actions arising from securities fraud and fiduciary
breaches, as well as other complex litigation matters. Please visit our
website, www.wohlfruchter.com, to learn more about our Firm, or contact one of
J. Elazar Fruchter
845.425.4658 or Toll Free 866.582.8140
Wohl & Fruchter LLP
570 Lexington Avenue
New York, NY 10022
This release may be deemed to constitute attorney advertising.
Wohl & Fruchter LLP
J. Elazar Fruchter., 866.833.6245
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