Click here to join the case
LOS ANGELES, Aug. 19, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of STAAR Surgical Company ("STAAR" or the "Company") (NASDAQ: STAA) investors that acquired shares between February 26, 2020 and August 10 2020.
Investors are encouraged to contact attorney to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
Recently, STAAR has emphasized its revenue, sales growth, and market share in the Chinese market. STAAR attributed its success to its strategic partnerships, including with its customer AIER, a Chinese ophthalmology hospital group.
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.
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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.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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