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Oklahoma City, OK (August 20, 2020) – On August 19, 2020, 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 26, 2020 through August 10, 2020. More specifically, the complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts to investors. Specifically, Defendants misrepresented and/or failed to disclose to investors that the Company was overstating and/or mischaracterizing: (1) its sales and growth in China; (2) its marketing spend; (3) its research and development expenses; and that as a result of the foregoing, (4) Defendants’ public statements were materially false and misleading at all relevant times.
On August 11, 2020, analyst J Capital Research Limited published a report calling into STAAR’s purported success in China. In its scathing report, J Capital accused STAAR of overstating its sales in China by at least one-third (or $21.6 million), “meaning all of the company’s $14 mln in 2019 profit is fake.” The report is based on “over 75 interviews” conducted by J Capital, as well as visits to STAAR locations in China and Switzerland. In particular, J Capital’s report concluded that AIER’s financial statements indicate that it bought only about half as many lenses as STAAR reported. On this news, the price of STAAR shares fell precipitously. On this news, the Company’s share price fell $3.17, or over 6%, to close at $48.25 per share on August 11, 2020, thereby injuring investors.
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, October 19, 2020 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.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org