Summary
Edwards Lifesciences Corporation (EW) disclosed on September 20, 2013, that a class-action lawsuit was filed against the company and certain officers on September 18, 2013. The lawsuit, filed in the United States District Court for the Central District of California, alleges that the company made false and misleading public statements regarding the projected sales and prospects of its SAPIEN transcatheter aortic heart valve. These claims are brought under Sections 10(b) and 20 of the Securities Exchange Act of 1934, covering purchases of the company's common stock between April 25, 2012, and April 23, 2013. The company firmly believes the lawsuit is without merit and has stated its intention to defend itself vigorously against these allegations. While the specifics of the alleged misstatements are not detailed in this report, the focus is on the SAPIEN valve's commercial performance and future outlook. Investors should monitor any further developments related to this litigation, as it could potentially impact the company's reputation and financial standing, although EW is projecting a strong defense.
Key Highlights
- 1A class-action lawsuit has been filed against Edwards Lifesciences and certain officers.
- 2The lawsuit pertains to alleged false and misleading statements about the SAPIEN transcatheter aortic heart valve's sales and prospects.
- 3The alleged misstatements occurred between April 25, 2012, and April 23, 2013.
- 4The claims are based on Sections 10(b) and 20 of the Securities Exchange Act of 1934.
- 5The lawsuit was filed in the United States District Court for the Central District of California.
- 6Edwards Lifesciences believes the lawsuit is without merit and intends to defend itself vigorously.