STAAR Surgical Company
Lead Plaintiff Deadline: 10/19/2020
SUMMARY OF CASE:
A securities class action has been filed against STAAR Surgical Company (STAA) on behalf of shareholders who purchased STAAR shares between February 26, 2020 through August 10 2020. This case has been filed in the USDC – C.D.CA.
The Complaint alleges that on August 11, 2020, analyst J Capital Research Limited published a report calling into STAAR’s purported success in China. In its scathing report, J Capital accused STAAR of overstating 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.” The report is based on “over 75 interviews” conducted by J Capital, as well as visits to STAAR locations in China and Switzerland. In particular, J Capital’s report concluded that AIER’s financial statements indicate that it bought only about half as many lenses as STAAR reported. On this news, the price of STAAR shares fell precipitously.