STAAR Surgical Company (NASDAQ: STAA) Investor Securities Class Action Lawsuit 07/08/2014

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Company Name(s): 
STAAR Surgical
Case Name: 
STAAR Surgical Shareholder Class Action Lawsuit 07/08/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: STAA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/08/2014
Class Period Begin: 
11/01/2013
Class Period End: 
06/30/2014
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
09/08/2014
Date Settled: 
06/20/2017
Settlement Amount: 
$7,000,000
Deadline to Participate in Settlement: 
10/09/2017
Summary: 

July 11, 2017 - The court preliminarily approved the settlement.

June 20, 2017 - Parties filed a stipulation of settlement.

April 12, 2016 - The court denied defendants' motion to dismiss.

September 21, 2015 - Defendants filed a motion to dismiss.

October 20, 2014 - The plaintiff filed an amended complaint.

September 29, 2014 - The lead plaintiff and lead counsel were appointed.

September 8, 2014 - A lead plaintiff motion was filed.

July 8, 2014 - An investor in shares of STAAR Surgical Company (NASDAQ: STAA) filed a lawsuit in the U.S. District Court for the Central District of California against STAAR Surgical Company over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 27, 2013 and June 30, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of STAAR Surgical Company (NASDAQ: STAA) common shares between February 27, 2013 and June 30, 2014, that the defendants violated Federal Securities Laws under the Securities Exchange Act of 1934.

More specifically, the plaintiff claims that defendants between February 27, 2013 and June 30, 2014 made false and/or misleading statements and/or failed to disclose that STAAR Surgical Company’s Monrovia Facility lacked adequate methodologies and facilities for the manufacture, packing, storage and installation of the Company's implantable lenses, that STAAR Surgical Company’s Monrovia Facility lacked adequate procedures for documenting complaints, sterility testing, and maintaining required records, and that as a result of the foregoing, the Monrovia Facility was not in conformity with current good manufacturing practice requirements at all relevant times.

STAAR Surgical Company reported that its Total Revenue rose from $63.78 million for the 12 months period that ended on Dec. 28, 2012 to $72.22 million for the 12 months period that ended on Jan. 3, 2014 and that its Net Loss of $1.76 million for the 12 months period that ended on Dec. 28, 2012 turned into a Net Income of $0.4 million 12 months period that ended on Jan. 3, 2014. Shares of STAAR Surgical Company (NASDAQ: STAA) grew from $5.32 per share in April 2013 to as high as $19.35 per share in April 2014.

Then on July 1, 2014, the U.S. Food and Drug Administration (“FDA”) released a copy of a warning letter that it issued STAAR Surgical Company on May 21, 2014 concerning an inspection of STAAR Surgical Company's Monrovia Facility which took place from February 10, 2014 to March 21, 2014. 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 Surgical Company’s implantable lenses are "not in conformity with the current good manufacturing practice requirements."

Shares of STAAR Surgical Company (NASDAQ: STAA) declined to as low as $12.55 per share on July 8, 2014.