NEW YORK, Oct. 22, 2004 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit in the Central District of California on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired the securities of Staar Surgical Company ("Staar" or the "Company") (Nasdaq:STAA) between April 3, 2003 and September 28, 2004, inclusive (the "Class Period").
The Complaint alleges that, during the Class Period, Defendants violated Sections 10(b) and 20(a) of the Securities Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the Complaint alleges that, during the Class Period, the Defendants failed to disclose significant problems with the manufacture of Staar's premier product, the ICL (implantable contact lenses), and injuries resulting from the use of Staar's products. On January 6, 2004, the U.S. Food & Drug Administration website posted a warning letter to the Company, dated December 22, 2003, concerning serious violations of manufacturing standards and inadequate reporting relating to the ICL. The news caused the share price of Staar common stock to fall to $9.22 per share, almost 18% below the previous day's closing price.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or acquired the common stock of Staar between April 3, 2003 and September 28, 2004, inclusive, and sustained damages, you may, no later than November 1, 2004, move the Court to serve as lead plaintiff of the class. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca