MINNEAPOLIS, Dec. 5, 2011 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Northern District of California on behalf of those who purchased The Cooper Companies, Inc. ("Cooper" or the "Company") (NYSE:COO) publicly traded securities during the period March 4, 2011 through November 15, 2011 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before January 27, 2012. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
Cooper's wholly-owned subsidiary, CooperVision, provides approximately 84% of Cooper's revenue and is the world's third largest manufacturer of contact lenses. In late 2009, the Company's contact lens manufacturing facilities were moved from Virginia to plants in Puerto Rico and the United Kingdom. Cooper assured its investors and consumers that the quality of its contact lenses would not suffer as a result of the move. During the Class Period, Defendants raised the Company's guidance three times and several Cooper executives cashed-in tens of thousands of shares of Company stock for millions of dollars.
On August 19, 2011, CooperVision announced a voluntary recall of limited lots of its Avaira Toric contact lenses that were manufactured at the Puerto Rico plant. In October 2011, the United States Food and Drug Administration ("FDA") stepped in and issued a Class I warning and pressured Cooper to provide clear notice to the public of the reasons behind the recall. On November 15, 2011, CooperVision announced that it was expanding its worldwide recall of the Avaira brand product line of contact lenses to include a limited number of lots of Avaira Sphere contact lenses, as well.
In response to the foregoing news, Cooper's shares reacted by falling almost 13% from the previous day's close of $64.95 per share, to close at $56.64 per share on November 15, 2011.
If you purchased or acquired Cooper Companies, Inc. stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685