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NEW YORK, Aug. 30, 2020 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, continues its investigation of potential securities claims on behalf of shareholders of STAAR Surgical Company (NASDAQ: STAA) resulting from allegations that STAAR may have issued materially misleading business information to the investing public.
On August 11, 2020, the investment analyst J Capital issued a report on STAAR entitled “STARR Surgical, Less Than Meets the Eye.” The J Capital report alleged 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 – based on over 75 interviews with former employees, site visits to China and Switzerland, and extensive review of public documents – concludes STAAR reports fake sales revenues by overstating sales and then marking up actual marketing costs to hide “phantom” revenue. In particular, the report found that Aier Eye Hospital’s financial statements indicate that it bought only about half as many lenses as STAAR reports.
On this news, STAAR’s stock price fell $3.17 per share, or 6%, to close at $48.25 per share on August 11, 2020, damaging investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by STAAR’s investors. If you purchased shares of STAAR, please visit the firm’s website at http://www.rosenlegal.com/cases-register-1924.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
