NEW YORK, Sept. 23, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United States District Court for the Central District of California against Edwards Lifesciences Corporation ("Edwards Lifesciences" or the "Company") (NYSE:EW) on behalf of investors who purchased the common stock of the Company during the period between April 25, 2012 and April 23, 2013, inclusive (the "Class Period").
If you purchased Edwards Lifesciences during the Class Period, you may, no later than November 18, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you purchased Edwards Lifesciences and want more information about the Edwards Lifesciences Class Action, please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com.
The Complaint alleges that the Company issued materially 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. Specifically, the Complaint alleges that the defendants knew, but concealed from Edwards Lifesciences's 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's 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 April 23, 2013, the Company disclosed that approximately 20 medical centers 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. Following this news, Edwards Lifesciences's stock price fell $18.21 per share, or about 20 percent, to close at $64.60 per share on April 24, 2013.
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