SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in STAAR Surgical Company of Class...
July 25 2014 - 5:51PM
Pomerantz LLP has filed a class action lawsuit against STAAR
Surgical Company ("STAAR" or the "Company") (Nasdaq:STAA) and
certain of its officers. The class action, filed in United States
District Court, Central District of California, and docketed under
14-cv-05263, is on behalf of a class consisting of all persons or
entities who purchased STAAR securities between February 27, 2013
and June 30, 2014, inclusive (the "Class Period"). 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").
If you are a shareholder who purchased STAAR securities during
the Class Period, you have until September 8, 2014 to ask the Court
to appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To discuss this
action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire
by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
STAAR designs, develops, manufactures and sells implantable
lenses for the eye and delivery systems used to deliver lenses into
the eye. The Company purports to be the leading maker of lenses
used worldwide in corrective or "refractive" surgery, and also
makes lenses for use in surgery that treats cataracts.
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.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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