Gilman Law LLP, a leading national law firm representing investors in securities class action lawsuits, is currently investigating securities fraud allegations against the Cooper Companies, Inc. (Cooper or the Company) and certain of its officers and directors. Recently, an investor class action lawsuit was filed in the U.S. District Court for the Northern District of California on behalf of purchasers of the common stock of Cooper (NYSE: COO) between March 4, 2011 and November 15, 2011, (the Class Period). If you wish to take part in this lawsuit, you must contact Gilman Law no later than January 27, 2012 in order to preserve your legal rights.
For over 30 years, Gilman Law has represented investors in all major aspects of securities fraud litigation, including stock manipulation, securities fraud, and shareholder rights violations. The firm is currently offering free legal evaluations to any investor who purchased Cooper stock between March 4, 2011 and November 15, 2011. We urge you to contact us today for your free lawsuit evaluation, and to obtain more information regarding The Cooper Companies, Inc. shareholder class action lawsuit.
The Cooper Companies, Inc. Class Action Lawsuit Allegations
Based in Pleasanton, California, Cooper, through its wholly-owned subsidiary CooperVision, develops, manufactures and globally markets contact lenses. The Cooper Companies, Inc. class action lawsuit alleges the Company and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing false and misleading statements concerning Cooper’s quality control, dangerous defects in its manufacturing processes, business fundamentals and financial guidance that caused the Company’s stock to trade at artificially inflated prices.
On August 19, 2011, Cooper announced that its CooperVision subsidiary was recalling some of its Avaira Toric lenses. It expanded the recall on November 15 to include some lots of its Avaira Sphere lenses. According to Cooper, the recalls were issued due to a silicone residue that might have been present on the lenses because of a manufacturing issue. Prior to the August recall announcement, Cooper shares had been trading at around $70. After the recall was expanded, the Company’s stock price fell roughly 12.8 percent from the previous day and closed at $56.64 per share on November 15.
The Complaint alleges that during the Class Period, Cooper issued false and misleading statements concealing known quality control problems and process defects at the Company’s Puerto Rico and UK contact lens manufacturing facilities. It further alleges that Defendants downplayed the extent of problems the recalled contact lenses had caused some users, including high incidents of severe eye pain, torn corneas, and the need for extensive medical treatment. The lawsuit also claims that the Company failed to disclose to investors that CooperVision’s sales of contact lenses would be adversely impacted once physicians learned of the quality control and product safety problems. As a result, it was not possible for the Company to meet the fiscal 2011 and 4Q 2011 financial guidance during the Class Period.
Legal Help for The Cooper Companies, Inc. Shareholders
Gilman Law LLP has extensive experience representing both individual and institutional investors in securities class action suits, and has recovered over a billion dollars for its clients. We are ready to assist investors who have sustained losses as a result of The Cooper Companies Inc.’s fraudulent practices. For a free evaluation of your case or to obtain additional information, please fill out the form on the left or CALL TOLL FREE (888) 252-0048.
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