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Case ID: 3784 | Stocks | 10/12/2004
A class action has been filed against Staar Surgical Company, a California based developer, manufacturer and global distributor of medical devices for use in cataract, refractive and glaucoma surgery, (NASDAQ: STAA) and certain of its officers and directors by stockholders who purchased the company’s common stock between April 3, 2003 and January 6, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company’s securities.
Specifically, the complaint alleges that Staar failed to disclose significant problems with the manufacture of their premier product, the ICL (implantable contact lenses) and injuries resulting from the use of the product. On January 6, 2004, the U.S. Food & Drug Administration (FDA) posted a warning letter to the Company, dated December 22, 2003, concerning serious violations of manufacturing standards and inadequate reporting relating to the ICL. The news caused the price of Staar’s common stock to fall to $9.22 per share, nearly an eighteen (18) percent drop from the previous day. The stockholders seek to recover compensatory damages for the loss of value of their stock. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against Axonyx Inc. (NasdaqSC:AXYX), and certain of its officers and directors by stockholders who purchased the company's common stock between June 26th, 2003 and February 4th, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Axonyx Inc. is engaged in the business of acquiring and developing novel post-discovery central nervous system drug candidates, primarily in areas of memory and cognition. A class action has been filed against biopharmaceutical company InterMune, Inc. (Nasdaq: ITMN) and certain of its officers and directors by stockholders who purchased the company's common stock between January 6 and June 11, 2003. According to a press release dated March 25, 2008, the Complaint alleges that Merrill Lynch violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded. Auction rate securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic “auctions.” Auction rate securities generally have long-term maturities or no maturity dates.
Several class actions have been filed against non-hazardous waste disposal company Allied Waste Industries, Inc. (NYSE:AW) and certain of its officers and directors by stockholders who purchased the company's common stock between February 10, 2004, and July 27, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. On September 15, 2005 the Court dismissed several class actions that had been filed against computer hardware manufacturer Merix Corporation (Nasdaq:MERX) and certain of its officers and directors by stockholders who purchased the company's common stock between July 1, 2003, and May 13, 2004. The actions claimed that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against certain of the officers and directors of now-bankrupt magnetic recording head supplier Read-Rite Corporation (Pink Sheets: RDRTQ, formerly Nasdaq: RDRT) by stockholders who purchased the company's common stock between October 30, 2001, and June 6, 2003. |
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