Washington, DC, Nov. 21, 2011 (GLOBE NEWSWIRE) -- Through its subsidiaries, Cooper develops, manufactures and markets a variety of healthcare products, including contact lenses. Finkelstein Thompson is investigating whether the Company made misleading and false statements to the investing public by significantly increasing its guidance three times during the fiscal year 2011 in March, June and August 2011, all the while knowing that it had defects in certain of its contact lens product lines that would have a large impact on the Company.
On August 19, 2011 Cooper announced that its subsidiary had initiated a voluntary recall on "limited lots of Avira® Toric contact lenses" due to a residue on certain lenses. On October 11, 2011, the U.S. Food and Drug Administration (FDA) said that a larger effort was needed to alert consumers to the defective products, stating that it was considering "independently shar[ing] its concerns with the Avira Toric contact lenses." Finally, on November 15, Cooper announced that it was expanding its recall into its Avira Sphere contact lenses, increasing the total expected cost of the recall from $14.2 million to $23.2 million. Based on this news, Cooper shares plummeted, losing 17% of their value on heavy trading.
If you purchased shares of Cooper between March 4, 2011 and November 15, 2011, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at contact@finkelsteinthompson.com.
A file accompanying this release is available at:
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