LOS ANGELES, Oct. 7, 2020 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming October 19, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of STAAR Surgical Company ("STAAR" or the "Company") (NASDAQ: STAA) securities between February 26, 2020, and August 10, 2020, inclusive (the "Class Period").
If you suffered a loss on your STAAR investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/staar-surgical-company/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On August 11, 2020, J Capital published a report, claiming the Company has overstated its 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." Citing over 75 interviews with former employees, site visits to China and Switzerland, as well as extensive review of public documents, the report concludes that STAAR reports fake sales revenues by overstating sales and then marking up actual marketing costs to hide "phantom" revenue. According to the report, the financial statements for STAAR's largest Chinese client indicate that it bought only about half as many lenses as the Company reports.
On this news, the Company's share price fell $3.17, or over 6%, to close at $48.25 per share on August 11, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts to investors. Specifically, Defendants misrepresented and/or failed to disclose to investors that the Company was overstating and/or mischaracterizing: (1) its sales and growth in China; (2) its marketing spend; (3) its research and development expenses; and (4) that as a result of the foregoing, Defendants' public statements were materially false and misleading at all relevant times..
If you purchased or otherwise acquired STAAR securities during the Class Period, you may move the Court no later than October 19, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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SOURCE Glancy Prongay & Murray LLP