NEW YORK, June 24, 2016 /PRNewswire/ -- WeissLaw LLP, a national class action, shareholder rights law firm with offices in New York and Los Angeles, announces an investigation of STAAR Surgical Company. ("STAA" or the "Company"). The investigation focuses on possible breaches of fiduciary duty and violations of federal securities laws by the STAA Board of Directors .
On July 1, 2014, the Food and Drug Administration ("FDA") disclosed that, on May 21, 2014, it informed STAA and its directors that the Company's manufacturing facility in Monrovia, California was in violation of various FDA regulations for, among other things: (1) failure to establish procedures for design controls; (2) failure to establish and maintain a Design History File for its devices in accordance with approved designed plans; (3) failure to establish procedures for design review; and (3) failure to establish procedures to ensure that all purchased product and services conform to specified requirements. On that news, STAA shares fell to $3.69 per share, or 28%. Currently, STAA shares are trading for less than half the price they traded for prior to July 1, 2014; reaching a 52-week low of $4.98 per share on May 16, 2016. On July 8, 2014, a class action was filed against the Company and its officers for failing to timely disclose to shareholders that their Monrovia facility was no longer in compliance with FDA regulations. In April 2016, the court denied defendants' motion to dismiss, which will allow for the case to proceed to trial.
If you own STAA shares and would like more information about your rights or our investigation, please contact Joshua Rubin either by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP