LOS ANGELES, Sept. 27, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the District of New Mexico on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of STAAR Surgical Company. ("Staar Surgical" or the "Company")(Nasdaq:STAA) between April 3, 2003 and January 6, 2004, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges David Bailey and Staar Surgical with violations of federal securities laws. Plaintiff claims that defendants' omissions and material misrepresentations concerning Staar Surgical's business operations and prospects artificially inflated the Company's stock price, inflicting damages on investors. Staar Surgical develops, manufactures and distributes products, including implantable lenses, used by ophthalmologists and other eye care professionals to improve or correct vision in patients with cataracts, refractive conditions and glaucoma. The Complaint alleges that defendants knew or recklessly disregarded that their public statements concerning Staar Surgical's implantable lenses ("ICLs") were materially false and misleading because they failed to disclose significant problems with the manufacture of these devices. These significant problems included, but were not limited to: (i) methods, facilities and/or controls used for the manufacture, packing and storage of the ICLs that were not in conformance with Current Good Manufacturing Practice; and (ii) failure to establish and maintain procedures to assure that valid methods were used to test the raw materials and finished ICL devices. Plaintiff further alleges that defendants knew but failed to adequately report to the Federal Food & Drug Administration ("FDA") the existence of serious injuries and/or malfunctions attributable to Staar Surgical's IOL/ICL which were likely to cause or contribute to serious injuries, despite defendants' knowledge of these malfunctions and injuries. Significantly, these serious problems jeopardized Staar Surgical's ability to gain FDA approval for U.S. marketing of its ICLs - anticipated to be the "dominant revenue generators for the Company over the next four to five years." None of these serious problems, however, which threatened FDA approval of Staar Surgical's ICLs, were timely disclosed to investors.
On January 6, 2004, the FDA website posted a warning letter to Staar Surgical concerning serious violations of manufacturing standards and the failure of the Company to adequately report to the FDA the existence of adverse events associated with the Company's ICLs. This news shocked the market and sent the price of Starr Surgical shares plummeting, to close almost 18% below the previous day -- one day before the disclosure of the FDA's warning letter -- thereby damaging investors.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than November 1, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca