SAN DIEGO & MONROVIA, Calif., July 15, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of STAAR Surgical Company (NYSE: STAA) has filed a federal securities fraud class action complaint in the U.S. District Court for the Central District of California. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between February 27, 2013 and June 30, 2014 (the "Class Period"). STAAR designs, develops, manufactures and sells implantable lenses for the eye and systems to deliver lenses into the eye.
STAAR Is Accused of Not Conforming with Current Good Manufacturing Guidelines.
According to the complaint, shares of STAAR fell over 11% to close at $14.91 on July 1, 2014 after the U.S. Food and Drug Administration publicly released a warning letter, dated May 21, 2014, stating the company had several regulatory violations noted in a recent inspection. In 2011, the company announced its plan to consolidate its global manufacturing efforts to a single location in Monrovia, California. The Monrovia facility was set to be fully operational and all other facilities would close by mid-2014. The FDA letter listed several regulatory violations at the newly expanded Monrovia facility concerning the methods, facilities, or controls used in the manufacturing, packing, storage or installation of the implantable lenses not conforming with the FDA's current good manufacturing practice requirements. The letter further stated that "failure to promptly correct these violations may result in regulatory action being initiated by the FDA without further notice."
The complaint further alleges that STAAR made false and misleading statements regarding its Monrovia facility while knowing that: (i) the facility lacked adequate methodologies and facilities for the manufacture, packing, storage and installation of the company's implantable lenses; (ii) the facility lacked adequate procedures for documenting complaints, sterility testing, and maintaining required records; and (iii) as a result, the Monrovia facility was not in conformity with current good manufacturing practice requirements at all relevant times.
STAAR Investors Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo LLP
If you invested in STAAR and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog: https://www.robbinsarroyo.com/shareholders-rights-blog/staar-surgical-company/
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP