NEW YORK, September 7, 2020 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against STAAR Surgical Company ("STAAR" or the "Company") (NASDAQ: STAA) and some of its officers. The class action filed in United States District Court for the Central District of California, Southern Division, and registered under 20-cv-01660, is on behalf of a class consisting of all persons except Defendants who have purchased or otherwise acquired securities between STAAR Surgical Company February 26, 2020, and August 10, 2020including (the "Class Period") to seek compensation for damages caused by Defendants' breaches of the federal securities laws and for remedial action under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the "Exchange" ) to seize act ") and rule 10b-5 announced by the SEC, 17 C.F.R. § § 240.10b-5.
If you are a shareholder who has purchased STAAR securities during the class period, you have up to 19th October 2020to ask the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact Robert S. Willoughby at the (Email protected) or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 7980. Those who inquire by email are asked to provide their postal address, telephone number, and the number of shares purchased.
(Click here for information on how to participate in the class action.)
STARR designs, develops, manufactures, and sells implantable lenses for the eye and ancillary systems that deliver the lenses into the eye. STAAR's main products are: (1) "Collamer® Implantable Lenses" or "ICLs" used in refractive surgery; and (2) intraocular lenses or "IOLs" used in cataract surgery.
The complaint alleges that throughout the class period, the Defendants made materially false and / or misleading statements and did not communicate any material adverse facts to investors. Specifically, Defendants have misrepresented and / or failed to disclose to investors that the Company has overvalued and / or incorrectly characterized: (1) Revenue and growth in China;; (2) its marketing expenses; (3) its research and development costs; and that as a result of the foregoing (4), Defendants' public statements were materially false and misleading at all relevant times.
On 5th August 2020After the markets closed, STAAR reported disappointing financial results as detailed below. In the news, the shares of STAAR common stock fell approximately 10% from the 5th August 2020 Closing price from $ 61.81 to a August 6, 2020 End of $ 55.86.
On August 11, 2020Analyst J Capital Research released a report in which he wrote that "(w) we believe STAAR Surgical has overstated sales in China by at least a third or $ 21.6 million. That would mean any business $ 14 million in 2019 the profit is fake. "The report went on to say that" (f) sales achieve (in China) come to 100% margins and therefore lead directly to profit. That is, the gross $ 21.6 million With overvalued Chinese sales in 2019, that accounts for 152% of total company profits. In other words, without the deception we believe permeates China Business, STAAR is losing money. "
J Capital Research stated when it reached its conclusions, "It conducted over 75 interviews, visited corporate locations in China and Switzerlandand reviewed financial statements and other government documents for STAAR dealers and customers in China. We will show that sales of STAAR's ICLs are dramatically overvalued. "
On that news, the stock continued its decline, closing at just under $ 48.25 per share on August 11, 2020.
The Pomerantz company with offices in new York, Chicago, los Angeles, and Paris is recognized as a leader in corporate, securities and antitrust litigation. Established by the late Abraham L. PomerantzPomerantz Company, known as the dean of class action, pioneered class action lawsuits. Today, more than 80 years later, Pomerantz continues its tradition of fighting for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has received numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP