BENSALEM, Pa.–(BUSINESS WIRE)–$STAA #fraud–Law Offices of Howard G. Smith announces an investigation on behalf of STAAR Surgical Company (“STAAR” or the “Company”) (NASDAQ: STAA) investors concerning the Company’s possible violations of federal securities laws.
On August 11, 2020, J Capital published a report, claiming the Company has overstated its sales in China by at least one-third (or $21.6 million), “meaning all of the company’s $14 mln in 2019 profit is fake.” Citing over 75 interviews with former employees, site visits to China and Switzerland, as well as extensive review of public documents, the report concludes that STAAR reports fake sales revenues by overstating sales and then marking up actual marketing costs to hide “phantom” revenue. According to the report, the financial statements for STAAR’s largest Chinese client indicate that it bought only about half as many lenses as the Company reports.
On this news, the Company’s share price fell $3.17, or over 6%, to close at $48.25 per share on August 11, 2020, thereby injuring investors.
If you purchased STAAR securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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