SAN DIEGO, May 17, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit is pending in California on behalf of certain purchasers of shares of STAAR Surgical Company (NASDAQ:STAA) over alleged Securities Laws Violations by STAAR Surgical.
Investors who purchased shares of STAAR Surgical Company (NASDAQ:STAA) prior to November 2013 and currently hold any of those NASDAQ:STAA shares have also 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 alleged that the defendants made certain 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. In October 2014 an amended complaint was filed and in September 2015 the defendants filed a motion to dismiss the case. In April 2016 the court denied the defendants’ motion to dismiss the case.
Those who purchased shares of STAAR Surgical Company (NASDAQ:STAA) prior to November 2013 and currently hold any of those NASDAQ:STAA shares have certain options and should contact the Shareholders Foundation, Inc.
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.