Investors with a $100,000 or more in losses are encouraged to contact the firm before October 19, 2020; click here to submit trade information
LOS ANGELES, Oct. 16, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of STAAR Surgical Company (NASDAQ: STAA) investors that acquired shares between February 26, 2020 and August 10, 2020. Investors have until October 19, 2020 to seek an active role in this litigation.
The investment analyst J Capital issued a report on August 11, 2020 on STAAR entitled "STAAR Surgical, Less Than Meets the Eye." It was alleged in the The J Capital report 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.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 19, 2020.
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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.