STAAR Surgical Company

Company Name
STAAR Surgical Company
Stock Symbol
STAA
Class Period
April 3, 2003 to January 6, 2004
Court
Central District of California
Status
Settled

This action is brought on behalf of public investors who acquired securities of Staar Surgical Company between April 3, 2003 and January 6, 2004. The Complaint charges Staar Surgical and the Company’s CEO with violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and S.E.C. Rule 10b-5. The Complaint alleges that defendants knew or recklessly disregarded that their public statements concerning Staar Surgical’s implantable lenses (“ICLs”) were materially false and misleading because they failed to disclose significant problems with the manufacture of these devices, and failed to adequately report to the Federal Food & Drug Administration the existence of serious injuries and/or malfunctions attributable to Staar Surgical’s IOL/ICL which were likely to cause or contribute to serious injuries, despite defendants’ knowledge of these malfunctions and injuries. None of these serious problems, however, which threatened FDA approval of Staar Surgical’s ICLs, were timely disclosed to investors.