INVESTOR ALERT: Class Action Lawsuit Against STAAR Surgical Company Announced by Law Offices of Howard G. Smith
August 07 2014 - 10:32AM
Business Wire
Law Offices of Howard G. Smith 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 purchasers of the
securities of the securities of STAAR Surgical Company (“STAAR” or
the “Company”) (NASDAQ:STAA) between February 27, 2013 and June 30,
2014, inclusive (the “Class Period”).
STAAR, together with its subsidiaries, designs, develops,
manufactures and sells implantable lenses for the eye and delivery
systems to deliver lenses into the eye. The Complaint alleges that
STAAR’s Monrovia, California, manufacturing facility lacked
adequate methodologies and facilities for the manufacture, packing,
storage and installation of the Company’s implantable lenses,
lacked adequate procedures for documenting complaints, sterility
testing and maintaining required records, and as a result 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 released
a Warning Letter, dated May 21, 2014, concerning an inspection of
STAAR’s Monrovia facility from February 10, 2014 to March 21, 2014.
The FDA letter noted several regulatory violations at the facility,
including that “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,” and that
“failure to promptly correct these violations may result in
regulatory action being initiated by the FDA without further
notice.”
If you are a member of the Class described above, you have until
September 30, 2014, to move the Court to serve as lead plaintiff,
if you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, please contact
Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone
at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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