NEW YORK, Sept. 23, 2013 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC announces that a securities class action has been filed in the United States District Court for the Central District of California on behalf of those who purchased shares of Edwards Lifesciences Corporation. ("Edwards Lifesciences or the Company") (NYSE: EW), during the period between April 25, 2012 and April 23, 2013, inclusive (the "Class Period").
The complaint charges Edwards Lifesciences and certain of its executives with violations of federal securities laws. The complaint alleges that during the class period Edwards Lifesciences and certain of its executives issued a series of materially false and misleading statements during the Class Period, specifically the complaint alleges that the Company concealed from its shareholders the following: (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.
On April 24, 2013, shares of Edwards Lifesciences fell $18.21 of 21.99% to close at $64.60 after the Company disclosed, after the market closed on April 23, 2013, 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.
Plaintiff seeks to recover damages on behalf of all Edwards Lifesciences shareholders who purchased common stock during the Class Period described above.