NEW YORK--(BUSINESS WIRE)--Kirby McInerney LLP announced today that a class action lawsuit is pending in the United States District Court for the Central District of California on behalf of investors who acquired STAAR Surgical Company (“STAAR” or the “Company”) (NASDAQ:STAA) securities during the class period from February 27, 2013 through June 30, 2014. Pursuant to applicable law, investors have until September 8, 2014 to file a motion to be appointed as lead plaintiff in the investor lawsuit.
The lawsuit charges that the Company failed to disclose that its Monrovia, California Facility: (i) lacked adequate methodologies and facilities for the manufacture, packing, storage and installation of the Company’s implantable lenses; (ii) lacked adequate procedures for documenting complaints, sterility testing, and maintaining required records; and (iii) as a result of the foregoing, the Monrovia Facility was not in conformity with current good manufacturing practice requirements at all relevant times.
On June 30, 2014, the U.S. Food and Drug Administration publicly released a Warning Letter which revealed that the Company’s methods, facilities, or controls were not in conformity with current good manufacturing practice requirements, and that “failure to promptly correct these violations may result in regulatory action being initiated by the FDA without further notice.” On this news, STAAR shares declined from $16.80 on June 30, 2014 to $14.91 on July 1, 2014, a loss of value of 11%.
If you acquired STAAR securities during this period and you are interested in learning more about this matter and any rights you might have with respect to these claims, contact Wilona Karnadi or Jess Kelley at firstname.lastname@example.org, by telephone at (212) 371-6600, or by filling out this form. Please bear in mind that some of these rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades. Kirby McInerney LLP has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against STAAR can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.