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The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against STAAR Surgical Company (STAA)

Dienstag, 15.09.20 17:40
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PR Newswire





LOS ANGELES, Sept. 15, 2020 /PRNewswire/ -- The Law Offices of Frank R. Cruz reminds investors of the upcoming October 19, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased STAAR Surgical Company ("STAAR" or the "Company") (NASDAQ: STAA) securities between February 26, 2020 and August 10, 2020, inclusive (the "Class Period").



If you are a shareholder who suffered a loss, click here to participate.

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 mln 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 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 that as a result of the foregoing, (4) Defendants' public statements were materially false and misleading at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com.  If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.





Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-staar-surgical-company-staa-301131451.html

SOURCE The Law Offices of Frank R. Cruz, Los Angeles





Quelle: PR Newswire




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ROSEN, GLOBAL INVESTOR COUNSEL, Reminds STAAR Surgical Company Investors of Important Deadline in Securities Class Action - STAA

PR NewswireNEW YORK, Sept. 26, 2020NEW YORK, Sept. 26, 2020 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of STAAR Surgical Company (NASDAQ: ...weiterlesen

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