NEW YORK, Sept. 20, 2013 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP filed a class action lawsuit on September 18, 2013 in the U.S. District Court for the Central District of California. The lawsuit was filed on behalf of purchasers of the common stock of Edwards Lifesciences Corp. ("Edwards Lifesciences" or the "Company") (NYSE:EW) between April 25, 2012 and April 23, 2013, inclusive (the "Class Period").
The action charges Edwards Lifesciences and certain of its officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and SEC Rule 10b-5 promulgated thereunder. The complaint alleges that Defendants made false and misleading statements and concealed material information relating 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, thereby artificially inflating the price of Edwards Lifesciences stock.
Edwards Lifesciences, which is based in Irvine, California, is a medical device company that designs and markets a range of products to treat heart disease. The Company's products include artificial heart valves, such as SAPIEN, for implantation in patients with advanced cardiovascular disease. The complaint alleges that, during the Class Period, Edwards Lifesciences concealed from shareholders 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) the Company's 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 their statements concerning Edwards Lifesciences' operations, forecasts, and outlook.
Edwards Lifesciences revealed the true prospects for SAPIEN on April 23, 2013. After the markets closed that day, the Company disclosed that approximately twenty hospitals that were candidates for offering SAPIEN had postponed the requisite training for implanting the valve, 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. In reaction to these disclosures, Edwards Lifesciences' stock price fell $18.21 per share, or 21.99 percent, to close at $64.60 per share on April 24, 2013.
If you are a member of this Class you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm.
If you purchased Edwards Lifesciences common stock during the Class Period, you may be able to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed with the U.S. District Court for the Central District of California no later than November 18, 2013. A lead plaintiff is a court-appointed representative for absent Class members. You do not need to seek appointment as lead plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.
If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, you may contact Rachel A. Avan, Esq. of Labaton Sucharow LLP, at (800) 321-0476 or (212) 907-0709, or via email at ravan@labaton.com.
Labaton Sucharow LLP, with offices in New York, New York and Wilmington, Delaware, is one of the country's premier law firms representing institutional investors in class action and complex securities litigation, as well as consumers and businesses in class actions seeking to recover damages for anticompetitive practices. The Firm has been a champion of investor and consumer rights for more than 50 years, seeking recovery of current losses and necessary governance reforms to protect investors and consumers. Labaton Sucharow has been recognized for its excellence by the courts and its peers. More information about Labaton Sucharow is available at www.labaton.com.