Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against
STAAR Surgical Company
Oklahoma City, OK (July 10, 2014) – On July 8, 2014, a securities class action lawsuit was filed in the United States District Court for the Central District of California against STAAR Surgical Company (NASDAQ: STAA). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is February 27, 2013 through June 30, 2014. More specifically, the complaint alleges that the Defendants made false and/or misleading statements and/or failed to disclose that the Monrovia Facility of STAAR Surgical Company ("STAAR" or the "Company") (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, 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, following various inspections of STAAR's Monrovia Facility between February 10, 2014 and 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, STAA stock fell over 11%.
Plaintiff seeks to recover damages on behalf of all STAAR Surgical Company shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, September 8, 2014 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Lynn.
Posted on Thu, July 10, 2014
by K. Lynn Nunn filed under