WASHINGTON -Oct. 19, 2004 LAWFUEL – Law, class action, attorney, legal newsThe law firm of Cohen, Milstein, Hausfeld & Toll,
P.L.L.C. has filed a lawsuit on behalf of its client and on behalf of
other similarly situated purchasers of the securities of STAAR
Surgical Company (“STAAR” or the “Company”) (NASDAQ:STAA) between
April 3, 2003 and September 28, 2004 inclusive, (the “Class Period”),
in the United States District Court for the Central District of
California. The complaint charges defendants STAAR and its Chief
Executive Officer, David Bailey, with violations of federal securities
STAAR is a manufacturer of minimally invasive eye treatments. On
April 3, 2003 the Company announced the commencement of its “dominant
revenue generator,” an implantable lens (“ICL”). The Complaint alleges
that throughout the Class Period, defendants knew or recklessly
disregarded that their public statements concerning the Company’s ICLs
were materially false and misleading because they failed to disclose
significant problems with the manufacture of these lenses. The
Complaint further alleges that defendants hid material problems from
the Federal Food & Drug Administration (“FDA”), including malfunctions
and injuries related to the ICLs and that these problems not only
threatened the Company’s chances of obtaining FDA approval for the
ICLs, but were not disclosed to investors.
On January 6, 2004, the FDA posted a warning letter detailing
serious violations of manufacturing standards and the failure of the
Company to adequately report to the FDA the existence of adverse
events associated with STAAR ICLs. Following this news the price of
STAAR shares plummeted almost 18% below the previous day.
Nevertheless, the Complaint alleges, defendants continued to represent
that the Company was adequately addressing all the FDA’s concerns.
Then on September 28, 2004, the Company revealed that the FDA had
issued a form “FDA 483” report, detailing numerous ongoing quality
control issues. In the wake of this news, the stock price fell
dramatically, dropping more than 40%.
If you purchased or acquired STAAR securities during the Class
Period, you may, no later than November 1, 2004, move the court to be
appointed as Lead Plaintiff. There are certain legal requirements to
serve as Lead Plaintiff.
Any member of the purported class may move the court to serve as
Lead Plaintiff through counsel of their choice or may choose to remain
an absent class member. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as Lead
Plaintiff. To be a member of the class, you need not take any action
at this time.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant
experience in prosecuting investor class actions and actions involving
securities fraud. The firm has offices in Washington, D.C., New York
and Chicago, and is active in major litigation pending in federal and
state courts throughout the nation.
The firm’s reputation for excellence has been recognized on
repeated occasions by courts which have appointed the firm to lead
positions in complex multi-district or consolidated litigation. Cohen,
Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous
important cases on behalf of defrauded investors, and has been
responsible for a number of outstanding recoveries which, in the
aggregate, total in the billions of dollars.
If you have any questions about this notice or the action, or with
regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, N.W.
West Tower – Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
E-mail: [email protected] or [email protected]