Zeldes & Haeggquist, LLP Announces Investigation of The Cooper Companies, Inc.

SAN DIEGO--(BUSINESS WIRE)--Zeldes & Haeggquist, LLP, a shareholder and consumer rights litigation firm, has commenced an investigation into possible investor fraud and other violations of law by executives at The Cooper Companies, Inc. (NYSE:COO). Pleasanton, California-based Cooper, through its wholly-owned subsidiary CooperVision, develops, manufactures, and globally markets contact lenses.

“severe eye pain or eye injuries requiring medical treatment”

Zeldes & Haeggquist’s investigation concerns whether the Company’s executives caused Cooper to issue materially false and misleading statements significantly increasing its financial guidance three times during fiscal 2011, in March, June and August 2011, all the while concealing the breadth and extent of manufacturing defects in Cooper’s contact lens manufacturing processes.

In August, 2011, Cooper disclosed what it then characterized as a “voluntary recall on limited lots” of its contact lenses, emphasizing that “no other CooperVision product is involved in this recall.” Downplaying the significance of the recall, Company executives stated the recall was precipitated by “a small number of complaints of temporary hazy vision.”

In October 2011, the federal Food and Drug Administration threatened to go directly to the public to disclose the full extent of the risks to contact lenses users if Cooper did not do so itself. The recall was also upgraded to Class I, the most serious kind that involve problems in which there is a reasonable chance of serious adverse health consequences or death.

Finally, on November 15, 2011, Cooper was forced to announce expanding the recall into its other lines, covering more than 6 million contact lenses. Now admitting patients had reported suffering “severe eye pain or eye injuries requiring medical treatment,” Cooper increased its reserves to cover the recall to $23 million. Cooper’s stock price plummeted, closing down 17% on extremely high trading volume and erasing hundreds of millions of dollars in market capitalization

If you purchased shares of Cooper stock between March 4, 2011 and September 15, 2011 and would like additional information regarding this investigation, or if you have information regarding the allegations involved, please contact attorney Amber L. Eck at [phone] or by email at [e-mail].

Zeldes & Haeggquist is a full-service law firm which brings major class actions nationwide on behalf of defrauded investors and consumers and handles a variety of complex business litigation matters. Please visit www.zhlaw.com for more information.