SAN DIEGO, Dec. 08, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit pending in California on behalf of certain purchasers of shares of STAAR Surgical Company (NASDAQ:STAA) over alleged Securities Laws Violations by STAAR Surgical Company will proceed.
Investors who purchased shares of STAAR Surgical Company (NASDAQ:STAA) in October 2013 or earlier and continue to hold any of those (NASDAQ:STAA) shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
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."
On July 8, 2014 a lawsuit was filed against STAAR Surgical Company over alleged securities laws violations. The plaintiff claimed 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.
On October 20, 2014, the plaintiff filed an amended complaint and on September 21, 2015, the company filed its motion to dismiss the case.
On November 16, 2015, the U.S. District Court for the Central District of California issued a tentative ruling denying defendants' motion to dismiss securities class action claims against STAAR Surgical Company.
Those who purchased STAAR Surgical Company (NASDAQ:STAA) shares in October 2013 or earlier and continue to hold any of those (NASDAQ:STAA) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.