The Shuman Law Firm Investigates STAAR Surgical Company
DENVER, CO June 9, 2016 – The Shuman Law Firm announces that it is investigating potential claims against certain officers and directors of STAAR Surgical Company (“STAAR” or the “Company”) (Nasdaq: STAA). STAAR is a Monrovia, CA-based company that designs, develops, manufactures, and sells implantable lenses for the eye, and delivery systems to deliver the lenses into the eye.
The Firm’s investigation relates to whether certain current and/or former senior officers and directors breached their fiduciary duties to the Company. Specifically, on July 1, 2014, the U.S. Food and Drug Administration (“FDA”) released a copy of a warning letter that it issued STAAR on May 21, 2014 concerning an inspection of STAAR’ Monrovia manufacturing facility. 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’s implantable lenses are “not in conformity with the current good manufacturing practice requirements.” STAAR’s stock fell precipitously following this disclosure. In June of 2014, STAAR’s stock price traded above $16.00 per share. As of June of this year, the Company’s stock trades for less than $6.00 per share – a decrease of approximately 65%.
On July 8, 2014, a class action lawsuit was filed against STAAR and certain senior officers following these events. The lawsuit alleges that the defendants made certain false and/or misleading statements and/or failed to timely disclose that STAAR’s Monrovia manufacturing facility lacked adequate methodologies and facilities for the manufacture, packing, storage and installation of the Company’s implantable lenses, that STAAR’s Monrovia manufacturing facility lacked adequate procedures for documenting complaints, sterility testing, and maintaining required records. In April 2016 the federal court judge denied the defendants’ motion to dismiss and the case is now proceeding toward trial.
If you currently own STAAR common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at email@example.com or Mr. Glenn at firstname.lastname@example.org.