BOSTON, MA / ACCESSWIRE / September 16, 2020 / Thornton Law Firm alerts investors that a shareholder class action lawsuit has been filed on behalf of shareholders of STAAR Surgical Company (NASDAQ:STAA). Investors who purchased STAA securities between February 26, 2020, and August 10, 2020, that are interested in learning about the case or being a lead plaintiff are encouraged to visit www.tenlaw.com/cases/STAAR. Investors may also contact Thornton Law Firm at shareholder@tenlaw.com, or call 617-531-3917.
FOR MORE INFORMATION, VISIT: www.tenlaw.com/cases/STAAR. It is alleged that STAAR failed to disclose that STAAR Surgical was overstating and mischaracterizing: (1) its sales and growth in China; (2) its marketing spend; and (3) its research and development expenses.
Specifically, the Complaint alleges that on August 5, 2020, STAAR Surgical reported disappointing financial results and upon this news, STAAR's common stock price fell approximately 10%. The Complaint also alleges that 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 Complaint alleges that the report continued, stating 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 represent 152% of total company profit. In other words, without the fraud that we believe pervades the China business, STAAR is losing money." On this news, STAAR's common stock price fell an additional 6.2%, allegedly damaging investors.
Investors who suffered a loss in STAAR Surgical Company, that are interested to learn more about the lead plaintiff process are encouraged to contact the Thornton Law Firm's shareholder rights team at www.tenlaw.com/cases/STAAR, by email at shareholder@tenlaw.com, or calling 617-531-3917. The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member, and shareholders do not need to be lead plaintiff to recover as a class member. The lead plaintiff serves as a representative of all investors in the lawsuit. Interested STAA shareholders have until October 19, 2020, to apply to be a lead plaintiff.
FOR MORE INFORMATION: www.tenlaw.com/cases/STAAR
Thornton Law Firm's securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
CONTACT:
Thornton Law Firm LLP
1 Lincoln Street
State Street Financial Center
Boston, MA 02111
www.tenlaw.com/cases/STAAR
SOURCE: Thornton Law Firm LLP
View source version on accesswire.com:
https://www.accesswire.com/606375/STAAR-SURGICAL-INVESTOR-ALERT-Shareholder-Lawsuit-Filed
