A lawsuit was filed on behalf of investors in Edwards Lifesciences Corp (NYSE:EW) shares over alleged securities laws violations. Deadline: November 18, 2013. NYSE:EW investors should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 09/23/2013 -- An investor, who purchased shares of Edwards Lifesciences Corp (NYSE:EW), filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Edwards Lifesciences Corp in connection with certain allegedly false and misleading statements made between April 25, 2012 and April 23, 2013.
Investors who purchased a significant amount of shares of Edwards Lifesciences Corp have certain options and for certain investors are short and strict deadlines running. Deadline: November 18, 2013. NYSE:EW investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of Edwards Lifesciences Corp (NYSE:EW) between April 25, 2012 and April 23, 2013 , that Edwards Lifesciences Corp and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly 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.
Edwards Lifesciences Corp reported that its annual Revenue rose from over $1.44 billion in 2010 to over $167 billion in 2011 and its Net Income rose from $218.00 million in 2010 to $236.70 million in 2011.
Shares of Edwards Lifesciences Corp (NYSE:EW) grew to as high as $109.75 per share on October 4, 2012.
However, the plaintiff alleges that the defendants allegedly knew but concealed from Edwards Lifesciences’ shareholders between April 25, 2012 and April 23, 2013 that 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, that Edwards Lifesciences’ outlook for sales and earnings per share was significantly weaker than the optimistic guidance defendants offered to investors, and that 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 Corp announced its preliminary third quarter 2012 sales. Edwards Lifesciences estimates total sales of $448 million for the third quarter that ended on September 30, 2012, which is lower than the Company's guidance of $465 million to $485 million provided during its second quarter earnings conference call on July 24, 2012.
Then on April, 23, 2013, Edwards Lifesciences Corp reported its first quarter results. The plaintiff says that Edwards Lifesciences Corp 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.
Shares of Edwards Lifesciences Corp dropped from almost $110 in October 2012 to as low as $62.54 per share in May 2013.
On September 20, 2013, NYSE:EW shares closed at $70.03 per share.
Those who purchased shares of Edwards Lifesciences Corp (NYSE:EW), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
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