Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that it has filed a class action lawsuit on behalf of shareholders against STAAR Surgical Company (NASDAQ: STAA) and certain of its executives for securities fraud. The lead plaintiff deadline is October 19, 2020. Investors who purchased STAAR shares between February 26, 2020 and August 10, 2020, please contact Block & Leviton attorneys at (617) 398-5600, via email at firstname.lastname@example.org, or at https://www.blockleviton.com/cases/staar.
Recently, STAAR has emphasized its revenue, sales growth, and market share in the Chinese market. STAAR attributed its success to its strategic partnerships, including with its customer AIER, a Chinese ophthalmology hospital group.
On August 11, 2020, analyst J Capital Research Limited published a report calling into STAAR's purported success in China. In its scathing report, J Capital accused STAAR of overstating its sales in China by at least one-third (or $21.6 million), "meaning all of the company's $14 mln in 2019 profit is fake." The report is based on "over 75 interviews" conducted by J Capital, as well as visits to STAAR locations in China and Switzerland. In particular, J Capital's report concluded that AIER's financial statements indicate that it bought only about half as many lenses as STAAR reported. On this news, the price of STAAR shares fell precipitously.
The lawsuit was filed in the United States District Court for the Central District of California, located at Ronald Reagan Federal Building and U.S. Courthouse, 411 West 4th Street, Santa Ana, CA 92701. The case is captioned Alwazzan v. STAAR Surgical Co., et al., No. 8:20-cv-01533 (C.D. Cal.), and has been assigned to Judge James V. Selna.
If you purchased or acquired shares of STAAR and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at email@example.com, or at https://www.blockleviton.com/cases/staar.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.
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SOURCE: Block & Leviton LLP