WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired the stock of The Cooper Companies, Inc. (“Cooper” or the “Company”) (NYSE: COO) between March 4, 2011 and November 15, 2011, inclusive (the “Class Period”) alleging violations of the Securities Exchange Act of 1934 (the “Complaint”).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://investigations.rigrodskylong.com/cooper-companies-inc-coo/.
Cooper, through its subsidiaries, develops, manufactures, and markets healthcare products serving the vision care and women’s healthcare markets worldwide.
The Complaint names Cooper and certain of the Company’s directors and officers as defendants. The Complaint alleges that during the Class Period, defendants made materially false and misleading statements that concealed known quality control problems and process defects at the Company’s new overseas contact lens manufacturing facilities.
Cooper’s wholly-owned subsidiary, CooperVision, provides approximately 84% of Cooper’s revenue and is the world’s third largest manufacturer of contact lenses. In late 2009, the Company’s contact lens manufacturing facilities were moved from Virginia to plants in Puerto Rico and the United Kingdom. Cooper assured its investors and consumers that the quality of its contact lenses would not suffer as result of the move. During the Class Period, Defendants raised the Company’s guidance three times and several Cooper executives cashed-in tens of thousands of shares of Company stock for millions of dollars.
On August 19, 2011, CooperVision announced a voluntary recall of limited lots of its Avaira Toric contact lenses that were manufactured at the Puerto Rico plant. In October 2011, the United States Food and Drug Administration (“FDA”) stepped in and issued a Class I warning and pressured Cooper to provide clear notice to the public of the reasons behind the recall.
On November 15, 2011, CooperVision announced that it was expanding its worldwide recall of the Avaira brand product line of contact lenses to include a limited number of lots of Avaira Sphere contact lenses, as well.
In response to the foregoing news, Cooper’s shares reacted by falling almost 13% from the previous day’s close of $64.95 per share, to close at $56.64 per share on November 15, 2011, on very heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than January 27, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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