Edwards Lifesciences Faces Class Action After Market Losses

SAN FRANCISCO, Dec. 01, 2024 (GLOBE NEWSWIRE) -- Hagens Berman is urging investors of Edwards Lifesciences Corporation (EW) who have experienced significant losses to report their financial damage.

Overview of Class Action Lawsuit Against Edwards Lifesciences Corporation (EW):

This class action centers on the accuracy of Edwards Lifesciences' communications regarding its primary product, the Transcatheter Aortic Valve Replacement ("TAVR") platform. During the class period, the company consistently reassured its investors that the TAVR platform was set for substantial, sustainable growth in the coming years. They stated that TAVR could "accelerate growth in 2025 and beyond," and was poised for robust double-digit growth by catering to a significant number of under-treated patients suffering from severe aortic stenosis.

However, the lawsuit claims that the company made misleading statements and neglected to disclose vital information, including: (i) the absence of reliable data to support its revenue and growth projections for TAVR; (ii) the risk that TAVR's growth could slow down; and (iii) that the company’s efforts to engage potential patients did not adequately address the low-treatment rates among those who needed care.

The truth came to light on July 24, 2024, when Edwards Lifesciences announced its second-quarter 2024 financial results, revealing that TAVR sales had only increased by 5%. The firm then revised its growth forecast for TAVR downwards from a range of 8-10% to 5-7%.

Management attributed these setbacks to the ongoing expansion of various structural heart therapies, including recently approved treatments for tricuspid issues, which had begun to affect hospital management processes and, therefore, TAVR sales.

In the aftermath, on July 25, 2024, several financial analysts downgraded Edwards Lifesciences shares and adjusted their expectations for the company’s stock price. One analyst expressed skepticism about the management's explanation, noting that they suggested physicians were prioritizing patients with lower mortality risks over those with aortic stenosis, which raised concerns.

This revelation led to a significant drop in the company’s stock price, with shares plummeting by $27.25 (-31%) in just one day, resulting in a loss of over $16 billion in shareholder value.

Reed Kathrein, a partner at Hagens Berman overseeing the investigation, commented, "We’re examining whether Edwards Lifesciences misled investors regarding the actual potential and market dynamics of TAVR during a time of increasing competition."

Investors who experienced losses from their investments in Edwards Lifesciences or who have relevant information are encouraged to come forward and report their losses.

For further details and answers to frequently asked questions about the Edwards Lifesciences case and ongoing investigations, additional information can be found on the firm's site.

Whistleblowers' Notice: Individuals who have non-public information concerning Edwards Lifesciences should consider their options to support the investigation or utilize the SEC Whistleblower program. Whistleblowers who contribute original information may receive a reward of up to 30% of any successful recovery executed by the SEC. Those interested can contact Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman:

Hagens Berman is a prominent global law firm specializing in representing plaintiffs' rights in complex litigation, particularly targeting corporate responsibility. The firm has a successful history of advocating for investors, whistleblowers, employees, consumers, and others affected by corporate misconduct, having secured over $2.9 billion in damages for those harmed. Further details on the firm and its achievements can be found at hbsslaw.com or by following their updates on social media.

lawsuit, investment, losses