The investigation concerns whether STAAR and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 3, 2019, STAAR disclosed receipt of a letter from the Center for Devices and Radiological Health of the U.S. Food and Drug Administration ("FDA") regarding its review of the Company's premarket approval application ("PMA") supplement regarding EVO/EVO+ Visian Implantable Collamer Lens for Myopia and EVO/EVO+ Visian Toric Implantable Collamer Lens for Myopia with Astigmatism. In the letter, the FDA specifically "advised the Company that its PMA supplement lacked information, particularly the clinical evidence and analysis, that would permit the completion of the review and determination of whether there is a reasonable assurance of the device's safety and effectiveness for its intended use."
On this news, STAAR's stock price fell $3.15 per share, or 11.19%, to close at $25.00 per share on May 3, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz LLP [email protected]
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SOURCE Pomerantz LLP
