BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all purchasers of the securities of the securities of STAAR Surgical Company (“STAAR” or the “Company”) (NASDAQ:STAA) between February 27, 2013 and June 30, 2014, inclusive (the “Class Period”).
STAAR, together with its subsidiaries, designs, develops, manufactures and sells implantable lenses for the eye and delivery systems to deliver lenses into the eye. The Complaint alleges that STAAR’s Monrovia, California, manufacturing facility lacked adequate methodologies and facilities for the manufacture, packing, storage and installation of the Company’s implantable lenses, lacked adequate procedures for documenting complaints, sterility testing and maintaining required records, and as a result 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 released a Warning Letter, dated May 21, 2014, concerning an inspection of STAAR’s Monrovia facility from February 10, 2014 to March 21, 2014. The FDA letter noted several regulatory violations at the facility, including that “the methods used in, or the facilities or controls used for” manufacture, packing, storage or installation of the Company’s implantable lenses are “not in conformity with the 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.”
If you are a member of the Class described above, you have until September 30, 2014, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.