Law
Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Central District
of California on behalf of all purchasers of the securities of the
securities of STAAR Surgical Company (“STAAR” or the “Company”)
(NASDAQ:STAA) between February 27, 2013 and June 30, 2014, inclusive
(the “Class Period”).
STAAR, together with its subsidiaries, designs, develops, manufactures
and sells implantable lenses for the eye and delivery systems to deliver
lenses into the eye. The Complaint alleges that STAAR’s Monrovia,
California, manufacturing facility lacked adequate methodologies and
facilities for the manufacture, packing, storage and installation of the
Company’s implantable lenses, lacked adequate procedures for documenting
complaints, sterility testing and maintaining required records, and as a
result was not in conformity with current good manufacturing practice
requirements at all relevant times.
On June 30, 2014, the U.S. Food and Drug Administration released a
Warning Letter, dated May 21, 2014, concerning an inspection of STAAR’s
Monrovia facility from February 10, 2014 to March 21, 2014. The FDA
letter noted several regulatory violations at the facility, including
that “the methods used in, or the facilities or controls used for”
manufacture, packing, storage or installation of the Company’s
implantable lenses are “not in conformity with the current good
manufacturing practice requirements,” and that “failure to promptly
correct these violations may result in regulatory action being initiated
by the FDA without further notice.”
If you are a member of the Class described above, you have until
September 30, 2014, to move the Court to serve as lead plaintiff, if you
meet certain legal requirements. To be a member of the Class you need
not take any action at this time; you may retain counsel of your choice
or take no action and remain an absent member of the Class. If you wish
to learn more about this action, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll
Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
Copyright Business Wire 2014