Popular on EntSun
- Female Motorsports Sponsorship & Expansion; Acquisition Agreement of UAE-Based Sports Incubator by Online Lottery & Sports Game Provider: Lottery.com - 242
- WOA Entertainment Group Unveils Independent No.1's: Breakthrough Artists II —A Celebration of Indie Excellence - 221
- Experience Trembling Firsthand with the New AgeMan® Tremor Simulator - 220
- Edtech Startup Young Commanders Launches 'Visionaries Without Sight' Collection Celebrating Blind and Visually Impaired Historical Figures - 215
- IRF Builders Forum Brings Global Leaders to Washington, D.C. to Advance Religious Freedom Through Cooperative Engagement - 205
- BillBoards Inc. Hits the Road with God Bless America Tour and Reality Series Now Streaming on Tubi TV - 156
- Token-Operated Sake Service Opens at Tobu Nikko Station - 134
- Honoring Black History, Culture, and Community in Fall River - 131
- databahn Launches GenAI Sales Intelligence Platform to Revolutionize Fortune 500 and Global 2000 Account Research - 122
- Byrd Davis Alden & Henrichson Launches Independence Day Safe Ride Initiative with 500 Free Uber Credits - 117
Similar on EntSun
- Cover Girl Finalist Teisha Mechetti Questions Legitimacy of Inked Originals Competition, Demands Transparency
- The World's Largest Green Economic Revolution Emerges as Nature, Tech, and Finance Converge
- Pyro Marketing Opens New Digital Marketing Company in Saint Petersburg to Power Growth for Fitness and Ecommerce Brands
- Dr. John Salerno of Salerno Wellness Introduces Their New Full Body Capsule for Advanced LED Light Therapy Patient Treatments
- Adostics & Genmega Announce the Introduction of A-POD
- LIB and Nidec Rejoin Forces for Giant TH-0098 Temperature Humidity Test Chamber
- NASA Collaborative Agreement for Supply of Thin-Film Solar Tech for Orbital Application to Advance Development of Thin-Film PV Power Beaming: $ASTI
- Service Ninjas Debuts First-of-Its-Kind "Membership" Platform for Home Service Pros
- BIYA Forecasts 2025 Surge with ¥300M ($41.8 M USD) in Revenue and ¥25M Profit from Cloud Based HR Solutions: Baiya Intl. Group (N A S D A Q: BIYA)
- Paul E. Saperstein Co. Announces Geographic Expansion of Auction Services
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in STAAR Surgical Company of Class Action Lawsuit and Upcoming Deadline - STAA
EntSun News/10843661
NEW YORK, Oct. 17, 2020 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against STAAR Surgical Company ("STAAR" or the "Company") (NASDAQ: STAA) and certain of its officers. The class action, filed in United States District Court for the Central District of California, Southern Division, and docketed under 20-cv-01660, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired STAAR Surgical Company securities between February 26, 2020, and August 10, 2020, inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. § 240.10b-5.
If you are a shareholder who purchased STAAR securities during the class period, you have until October 19, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
More on EntSun News
[Click here for information about joining the class action]
STARR designs, develops, manufactures, and sells implantable lenses for the eye and companion delivery systems used to deliver the lenses into the eye. STAAR's primary products are: (1) "implantable Collamer® lenses," or "ICLs," used in refractive surgery; and (2) intraocular lenses, or "IOLs," used in cataract surgery.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts to investors. Specifically, Defendants misrepresented and/or failed to disclose to investors that the Company was overstating and/or mischaracterizing: (1) its sales and growth in China; (2) its marketing spend; (3) its research and development expenses; and that as a result of the foregoing, (4) Defendants' public statements were materially false and misleading at all relevant times.
On August 5, 2020, after the markets closed, STAAR reported disappointing financial results, as detailed below. On this news, shares of STAAR common stock fell approximately 10%, down from the August 5, 2020 closing price of $61.81 to an August 6, 2020 close of $55.86.
On August 11, 2020, analyst J Capital Research published a report in which it wrote that "[w]e think that STAAR Surgical has overstated sales in China by at least one-third, or $21.6 mln. That would mean that all of the company's $14 mln in 2019 profit is fake." The report continued that "[f]ake sales [in China] come at 100% margins and therefore translate directly into profit. That means that the roughly $21.6 mln in overstated Chinese sales in 2019 represents 152% of total company profit. In other words, without the fraud that we believe pervades the China business, STAAR is losing money."
More on EntSun News
J Capital Research stated in reaching its conclusions, it "conduct[ed] over 75 interviews, visited company sites in China and Switzerland, and reviewed financial statements and other government documents for STAAR's distributors and customers in China. We will show that sales of STAAR's ICLs are dramatically overstated."
On this news, the stock continued its descent, closing at just $48.25 per share on August 11, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
SOURCE Pomerantz LLP
Related Links
www.pomerantzlaw.com
If you are a shareholder who purchased STAAR securities during the class period, you have until October 19, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
More on EntSun News
- Stuck Doing Math or Figuring Out Life's Numbers? Calculator.now Makes It Stupidly Simple
- Colbert Packaging Announces WBENC Recognition
- DivX Empowers Media Enthusiasts with Free Expert Guides for Advanced MP4 Management
- Bay Street Yard to host "Love Island" finale watch party July 13
- Assent Expands Executive Team to Accelerate Global Growth & Innovation
[Click here for information about joining the class action]
STARR designs, develops, manufactures, and sells implantable lenses for the eye and companion delivery systems used to deliver the lenses into the eye. STAAR's primary products are: (1) "implantable Collamer® lenses," or "ICLs," used in refractive surgery; and (2) intraocular lenses, or "IOLs," used in cataract surgery.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts to investors. Specifically, Defendants misrepresented and/or failed to disclose to investors that the Company was overstating and/or mischaracterizing: (1) its sales and growth in China; (2) its marketing spend; (3) its research and development expenses; and that as a result of the foregoing, (4) Defendants' public statements were materially false and misleading at all relevant times.
On August 5, 2020, after the markets closed, STAAR reported disappointing financial results, as detailed below. On this news, shares of STAAR common stock fell approximately 10%, down from the August 5, 2020 closing price of $61.81 to an August 6, 2020 close of $55.86.
On August 11, 2020, analyst J Capital Research published a report in which it wrote that "[w]e think that STAAR Surgical has overstated sales in China by at least one-third, or $21.6 mln. That would mean that all of the company's $14 mln in 2019 profit is fake." The report continued that "[f]ake sales [in China] come at 100% margins and therefore translate directly into profit. That means that the roughly $21.6 mln in overstated Chinese sales in 2019 represents 152% of total company profit. In other words, without the fraud that we believe pervades the China business, STAAR is losing money."
More on EntSun News
- The World's Largest Green Economic Revolution Emerges as Nature, Tech, and Finance Converge
- Meet a Scientologist Captures Greece's Timeless Beauty with Videographer Lambros Malamas
- Vinnetwork Unveils Decentralized AI Platform with Vinnetwork(VIN) Token to Challenge Tech Giants' Data Monopoly
- Centennial Flyers to Become Colorado's First Launch Customer for All-Electric B23 Energic Aircraft
- Pyro Marketing Opens New Digital Marketing Company in Saint Petersburg to Power Growth for Fitness and Ecommerce Brands
J Capital Research stated in reaching its conclusions, it "conduct[ed] over 75 interviews, visited company sites in China and Switzerland, and reviewed financial statements and other government documents for STAAR's distributors and customers in China. We will show that sales of STAAR's ICLs are dramatically overstated."
On this news, the stock continued its descent, closing at just $48.25 per share on August 11, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
SOURCE Pomerantz LLP
Related Links
www.pomerantzlaw.com
Filed Under: Business
0 Comments
Latest on EntSun News
- BIYA Forecasts 2025 Surge with ¥300M ($41.8 M USD) in Revenue and ¥25M Profit from Cloud Based HR Solutions: Baiya Intl. Group (N A S D A Q: BIYA)
- Paul E. Saperstein Co. Announces Geographic Expansion of Auction Services
- Florida Broker Bent Danholm Featured in the Daily Mail's U.S. Real Estate Coverage
- Robin Launches Legal Intelligence Platform to solve intelligence gap in Fortune 500 legal teams
- Melissa B. Releases Digitally Independent: Empowering Music Artists with AI and Brand Strategy
- Mental: Elderly Abuse a Documentary
- Consumer Accountability Alliance Issues Formal Notice Alleging Proximate Liability for Medical Harm
- Rising to New Heights in the Mile High City with Destination: Scientology, Denver
- The City's Largest and Most Elegant Dinner Party Returns on September 13, 2025
- Utah Metal Fabricator Titan Forge Builds Momentum with Custom Steel Projects and Spiral Staircases
- Jason Koch: Pioneering the Future of Real Estate Development in New Jersey
- Voting Opens Tonight for the 2025 Spin Awards Honoring Excellence in Christian Gospel Radio
- Introducing LK Blue: The Cool-Girl Denim Brand That's Redefining LA Style Launches E-Commerce
- Bach and Beyond: Cellists Return to the Beach for 2nd Annual Bethany Beach Cellofest
- NR7 Miner launches zero-cost USDT cloud mining service: daily stable income + referral rewards for double profit
- "The Grateful Dead — 60 Years in San Francisco" - Pantheon Media Launches New Podcast Series and Interactive "Hit Replay" App
- Deaths Spur Closures, but Troubled Teen Camps Must Be Banned, CCHR Warns
- Palmer Lake Wine Festival To Build Bridges in Small Mountain Community, Highlight Local Businesses
- SacraPod Suites Unveils AI-Powered 'Work + Rest' Smart Hospitality Model for Retrofitting Underused Motels Across the U.S
- From Real Estate to Reel Power: H.L Woods Carves His Legacy as a Cutting-Edge Visionary Filmmaker