Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Aug. 19, 2020 (GLOBE NEWSWIRE) --
The Portnoy Law Firm advises STAAR Surgical Company ("STAAR" or the "Company") (NASDAQ: STAA) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors. The investigation focuses on news resulting from allegations that STAAR may have issued materially misleading business information to the investing public.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Investment analyst firm J Capital issued a report on August 11, 2020 alleging that the Company overstated its sales in China by at least one third (or $21.6 mln), “meaning all of the Company's $14 mln in 2019 profit is fake.” The J Capital report – which was based on over 75 interviews with former employees, and extensive review of public documents, and site visits to China and Switzerland – concludes STAAR reports fake sales revenues by overstating sales and then marking up actual marketing costs to hide “phantom” revenue. The report found, in particular, that Aier Eye Hospital’s financial statements indicate that it bought only about half as many lenses as STAAR reports.
On August 11, 2020, STAAR’s stock price fell $3.17 per share, or 6%, on this news, to close at $48.25 per share, damaging investors.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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