NEW ORLEANS, LA--(MARKET WIRE)--Feb 22, 2006 -- Kahn Gauthier Swick, LLC ("KGS") announces that a securities class action lawsuit has been commenced in the U.S. District Court for the Central District of California, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of The Cooper Companies, Inc. (NYSE:COO - News) between July 29, 2004 and November 21, 2005. No class has yet been certified in this action.
Until a class is certified, you are not represented by counsel unless you retain an attorney.
The Complaint that has been filed alleges that defendants have violated federal securities laws by issuing a series of materially false statements regarding Cooper's business and operations. According to these allegations Cooper improperly accounted for assets acquired in the Ocular merger, and provided overly aggressive guidance to investors. The action also alleges that, during the Class Period, while in possession of material adverse non-public information, Company insiders sold over 1.97 million shares of Cooper common stock for gross proceeds of over $141.49 million.
Investors, however, suffered large losses after the true facts concerning the Company emerged on or about November 21, 2005, when Cooper shares fell $21 per share -- or 29%. For long-term investors of the Company, this decline was especially dramatic, having eradicated all profits earned in almost 18 months.
If you acquired shares of The Cooper Companies, Inc. during the Class Period indicated and want to discuss your legal rights, you may e-mail or call KGS, without obligation or cost to you. You may contact Lewis Kahn of KGS toll free 1-866-467-1400, ext., 100, or 504-648-1850, or by email at lewis.kahn@kglg.com.