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Fundado el 20 de mayo de 2013

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of STAAR Surgical Company (STAA) Investors

LOS ANGELES–(BUSINESS WIRE)–$STAA #classactionThe Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired STAAR Surgical Company (“STAAR” or the “Company”) (NASDAQ: STAA) securities between February 26, 2020 and August 10, 2020, inclusive (the “Class Period”). STAAR investors have until October 19, 2020 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On August 11, 2020, J Capital published a report, claiming the Company has overstated its sales in China by at least one-third (or $21.6 million), “meaning all of the company’s $14 mln in 2019 profit is fake.” Citing over 75 interviews with former employees, site visits to China and Switzerland, as well as extensive review of public documents, the report concludes that STAAR reports fake sales revenues by overstating sales and then marking up actual marketing costs to hide “phantom” revenue. According to the report, the financial statements for STAAR’s largest Chinese client indicate that it bought only about half as many lenses as the Company reports.

On this news, the Company’s share price fell $3.17, or over 6%, to close at $48.25 per share on August 11, 2020, thereby injuring investors.

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.

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If you purchased STAAR securities during the Class Period, you may move the Court no later than October 19, 2020 to ask the Court to appoint you as lead plaintiff. 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 purchased STAAR securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

fcruz@frankcruzlaw.com
www.frankcruzlaw.com