Shareholder Alert Robbins LLP Announces STAAR Surgical Company (STAA) Sued for Misleading Shareholders
Shareholder rights law firm Robbins LLP announces that a purchaser of STAAR Surgical Company (NASDAQ: STAA) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between February 26, 2020 and August 10, 2020. STAAR Surgical designs, develops, manufactures, markets, and sells implantable lenses for the eye and delivery systems to deliver the lenses into the eye.
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STAAR Surgical Company (STAA) Accused of Misleading Shareholders
According to the complaint, STAAR Surgical reported positive financial results for its fourth quarter and fiscal year ended January 3, 2020. STAAR Surgical reiterated its positive financial results in its COVID-19 business update and first quarter 2020 earnings report, each time, noting the Company's strong relationship with its distributor in China. However, on August 5, 2020, STAAR Surgical reported decreased net sales and a net loss of $0.03 per share for second quarter 2020. On this news, the Company's share price fell approximately 10%, to close at $55.86 on August 6, 2020. Then, on August 2020, J Capital Research released a scathing report asserting that the Company may have "overstated sales in China by at least one-third, or $21.6 million" meaning "all of the company's $14 million in 2019 profit is fake." The report noted, "without the fraud that we believe pervades the China business, STAAR is losing money." On this news, the Company's share price fell approximately 6.2%, to close at $48.25 per share on August 11, 2020. The stock continues to decline.
If you purchased STAAR Surgical Company (STAA) shares between February 26, 2020, and August 10, 2020, you have until October 19, 2020, to ask the court to appoint you lead plaintiff for the class.
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