Energy News / Shareholders Foundation, Inc.

Deadline Upcoming in $7 Million Settlement in the STAAR Surgical Company (NASDAQ:STAA) Investor Lawsuit

Via: ReleaseWire

Updated 11:30 AM CDT, Tue, September 19,2017

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of STAAR Surgical Company (NASDAQ:STAA) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on October 9, 2017 and NASDAQ:STAA investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 09/19/2017 -- A deadline is coming up on October 9, 2017 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of STAAR Surgical Company (NASDAQ:STAA) between November 01, 2013 and June 30, 2014.

Investors who purchased a significant amount of shares of STAAR Surgical Company (NASDAQ:STAA) between November 01, 2013 and June 30, 2014, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the STAAR Surgical Company (NASDAQ:STAA) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/staar-surgical-company-nasdaq-staa-investor-securities-class-action-lawsuit-07082014

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is October 9, 2017. The class action administrator for this case is Garden City Group.

The lawsuit was originally filed in the U.S. District Court for the Central District of California against STAAR Surgical Company over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 27, 2013 and June 30, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of STAAR Surgical Company (NASDAQ:STAA) common shares between February 27, 2013 and June 30, 2014, that the defendants violated Federal Securities Laws under the Securities Exchange Act of 1934.

More specifically, the plaintiff claims that defendants between February 27, 2013 and June 30, 2014 made false and/or misleading statements and/or failed to disclose that STAAR Surgical Company's Monrovia Facility lacked adequate methodologies and facilities for the manufacture, packing, storage and installation of the Company's implantable lenses, that STAAR Surgical Company's Monrovia Facility lacked adequate procedures for documenting complaints, sterility testing, and maintaining required records, and that as a result of the foregoing, the Monrovia Facility was not in conformity with current good manufacturing practice requirements at all relevant times.

STAAR Surgical Company reported that its Total Revenue rose from $63.78 million for the 12 months period that ended on Dec. 28, 2012 to $72.22 million for the 12 months period that ended on Jan. 3, 2014 and that its Net Loss of $1.76 million for the 12 months period that ended on Dec. 28, 2012 turned into a Net Income of $0.4 million 12 months period that ended on Jan. 3, 2014. Shares of STAAR Surgical Company (NASDAQ:STAA) grew from $5.32 per share in April 2013 to as high as $19.35 per share in April 2014.

Then on July 1, 2014, the U.S. Food and Drug Administration ("FDA") released a copy of a warning letter that it issued STAAR Surgical Company on May 21, 2014 concerning an inspection of STAAR Surgical Company'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 STAAR Surgical Company's implantable lenses are "not in conformity with the current good manufacturing practice requirements."

Shares of STAAR Surgical Company (NASDAQ:STAA) declined to as low as $12.55 per share on July 8, 2014.

STAAR Surgical Company together with its subsidiaries, designs, develops, manufactures, and sells implantable lenses for the eye, and delivery systems to deliver the lenses into the eye.

Those who purchased shares of STAAR Surgical Company (NASDAQ:STAA) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/deadline-upcoming-in-7-million-settlement-in-the-staar-surgical-company-nasdaqstaa-investor-lawsuit-866863.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com