Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against STAAR Surgical Company
July 10 2014 - 7:00PM
Gainey McKenna & Egleston announces that a class action lawsuit
has been filed in the United States District Court for the Central
District of California on behalf of all persons who purchased or
otherwise acquired the securities of STAAR Surgical Company
("STAAR" or the "Company") (Nasdaq:STAA) during the period between
February 27, 2013 and June 30, 2014. This class action seeks to
recover damages against Defendants for alleged violations of the
federal securities laws under the Securities Exchange Act of 1934
(the "Exchange Act").
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements and/or failed to
disclose that the Company's Monrovia Facility: (i) lacked adequate
methodologies and facilities for the manufacture, packing, storage
and installation of the Company's implantable lenses; (ii) lacked
adequate procedures for documenting complaints, sterility testing,
and maintaining required records; and (iii) as a result of the
foregoing, the Monrovia Facility was not in conformity with current
good manufacturing practice requirements at all relevant times.
On June 30, 2014, the U.S. Food and Drug Administration ("FDA")
publicly released a Warning Letter, dated May 21, 2014, concerning
an inspection of STAAR's Monrovia Facility which took place from
February 10, 2014 to March 21, 2014. The FDA letter noted several
regulatory violations at the facility and stated that, among other
things, "the methods used in, or the facilities or controls used
for" manufacture, packing, storage or installation of the Company's
implantable lenses are "not in conformity with the current good
manufacturing practice requirements." The FDA further advised STAAR
that "failure to promptly correct these violations may result in
regulatory action being initiated by the FDA without further
notice." On this news, STAAR shares declined $1.89, or nearly
11.25%, to close at $14.91 on July 1, 2014.
If you wish to serve as lead plaintiff, you must move the Court
no later than September 8, 2014. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation,
or to discuss your rights or interests regarding this class action,
please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq.
of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail
at tjmckenna@gme-law.com or gegleston@gme-law.com.
Attorney Advertising -- Prior results do not guarantee a similar
outcome with respect to any future matter. Please visit our
website at http://www.gme-law.com for more information about the
firm.
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