STAAR Surgical Co
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Health Care : Health Care Equipment & Supplies | Small Cap Growth
Company profile

STAAR Surgical Company designs, develops, manufactures and sells implantable lenses for the eye and delivery systems used to deliver the lenses into the eye. It operates in the ophthalmic surgical market segment. Its products are intraocular lenses used in cataract surgery and implantable collamer lenses used in refractive surgery. It manufactures lenses used in corrective or refractive surgery, and makes lenses for use in surgery that treats cataracts. As of December 29, 2017, the Company sold its products in over 75 countries, with distribution in the United States, Canada, Japan and Spain.

Price
Delayed
$75.23
Day's Change
0.135 (0.18%)
Bid
--
Ask
--
B/A Size
--
Day's High
75.46
Day's Low
72.83
Volume
(Light)

Today's volume of 151,237 shares is on pace to be much lighter than STAA's 10-day average volume of 471,089 shares.

151,237

STAAR SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In STAAR Surgical Company To Contact The Firm

10:33 am ET October 18, 2020 (Newsfile) Print

New York, New York--(Newsfile Corp. - October 18, 2020) - Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating claims against STAAR Surgical Company ("STAAR" or the "Company") (NASDAQ:STAA) and reminds investors of the October 19, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $50,000 investing in STAAR stock or options between February 26, 2020 and August 10, 2020 and would like to discuss your legal rights, click here:www.faruqilaw.com/STAA. There is no cost or obligation to you.

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You can also contact Faruqi & Faruqi partner James Wilson toll free at 877-247-4292 or 212-983-9330(Ext. 1310) or by emailing him at jwilson@faruqilaw.com.

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A lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased STAAR common stock between February 26, 2020 and August 10, 2020 (the "Class Period"). The case, Alwazzan v. Staar Surgical Company et al, No. 20-cv-01533 was filed on August 19, 2020.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) its sales and growth in China; (2) its marketing spend; (3) its research and development expenses; and that as a result of the foregoing, (4) Defendants' public statements were materially false and misleading at all relevant times.

On August 5, 2020, after the markets closed, STAAR reported its financial results for the second quarter ended July 3, 2020, filing a Form 10-Q and issuing a press release with the SEC. The Company reported net sales of $35.2 million (down 11% from the prior year quarter), and implantable Collamer® lenses ("ICL") sales of $30.7 million (down 11% from the prior year quarter). STAAR reported a net loss of $0.03 per share, versus net income of $0.08 per share in the prior year quarter.

On this news, the Company's stock price fell from $61.81 per share on August 5, 2020 to $55.86 per share on August 6, 2020: a $5.95 or 90.37% drop.

Then, on August 11, 2020, analyst J Capital Research published a report in which it wrote that "[w]e think that STAAR Surgical has overstated sales in China by at least one-third, or $21.6 mln. That would mean that all of the company's $14 mln in 2019 profit is fake." The report continued that "[f]ake sales [in China] come at 100% margins and therefore translate directly into profit. That means that the roughly $21.6 mln in overstated Chinese sales in 2019 represent 152% of total company profit. In other words, without the fraud that we believe pervades the China business, STAAR is losing money."

On this news, the Company's stock price fell from $51.42 per share on August 10, 2020 to $48.25 per share on August 11, 2020: a $3.17 or 6.16% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding STAAR's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66245

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