NEW YORK, Dec. 9, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of The Cooper Companies, Inc. ("Cooper" or the "Company") who purchased Cooper shares between March 4, 2011 and November 15, 2011. Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 350.
The investigation concerns whether Cooper and several of its key executives violated federal securities laws by making false and misleading statements concerning Cooper's quality control, dangerous defects in its manufacturing processes, business fundamentals and financial guidance.
In late 2009, the Company's contact lens manufacturing facilities were moved from Norfolk, Virginia to new manufacturing plants in Puerto Rico and the United Kingdom, purportedly to reduce costs. The Company continued to reassure investors that the quality of its product offerings remained high. Following the move, the Company dramatically raised earnings guidance, which caused the stock to rise above $84.00 per share in September 2011.
In August 2011, the Company disclosed a "limited voluntary" recall of a single line of contact lenses, the Avaira Toric, manufactured in Puerto Rico. In October 2011, the federal Food and Drug Administration issued a Class I warning and pressured the Company to provide clear notice to the public for reasons of the recall of nearly 780,000 Avaira Toric lenses. Class I recalls are the most serious kind and involve problems in which there is a reasonable chance of serious adverse health consequences.
On November 15, 2011, the Company disclosed that it would expand the recall to include nearly five million Avaira Sphere lenses that had already shipped. On this news, the Company's stock declined $8.31, or nearly 13%, to close at $56.64 on November 15, 2011.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.