Pomerantz LLP Announces Proposed Settlement of Class Action in Edward Todd v. STAAR Surgical Company, et al.


NEW YORK, July 24, 2017 (GLOBE NEWSWIRE) -- The following statement is being issued by Pomerantz LLP regarding Edward Todd v. STAAR Surgical Company, et al.

UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA

EDWARD TODD, Individually and on Behalf of All Others Similarly Situated, Plaintiff,

vs.

STAAR SURGICAL COMPANY, BARRY G. CALDWELL, and JOHN SANTOS, Defendants.

Case No. 2:14-CV-05263-MWF-GJS

CLASS ACTION

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF STAAR SURGICAL COMPANY (“STAAR”) BETWEEN NOVEMBER 1, 2013 AND JUNE 30, 2014

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Central District of California, that the Court-appointed Lead Plaintiff, Edward Todd, on behalf of himself and other members of the proposed Class, has reached a proposed settlement of a Class Action pending against STAAR, Barry G. Caldwell and John Santos.  A hearing will be held on October 16, 2017 at 11:30 a.m. in Courtroom 5A before the Honorable Michael W. Fitzgerald, United States District Judge of the Central District of California, 350 West First Street, Los Angeles, CA 90012 (the “Settlement Hearing”): 

(1) to determine whether the Settlement, consisting of the sum of $7,000,000 (Seven Million Dollars) in cash should be approved by the Court as fair, reasonable, and adequate;

(2) to finally determine whether the Order and Final Judgment as provided under the Stipulation and Agreement of Settlement (“Stipulation”) should be entered, dismissing the operative Corrected Second Amended Complaint (“Complaint”) on the merits and with prejudice, and to determine whether the release by the Class of the Released Persons as set forth in the Stipulation, should be ordered, along with a permanent injunction barring efforts to bring any Released Claims extinguished by the Settlement against any Released Persons;

(3) to finally determine whether the proposed Plan of Allocation for the distribution of the Net Settlement Fund is fair and reasonable and should be approved by the Court;

(4) to consider the application of Lead Plaintiff’s Counsel on behalf of themselves and Plaintiffs’ Counsel for an award of Attorneys’ Fees in an amount not to exceed 25% of the Gross Settlement Fund and an award of expenses of not more than $350,000, and for a Compensatory Award to Lead Plaintiff Edward Todd of no more than $10,000;

(5) to consider Class Members’ objections to the Settlement, whether submitted previously in writing or presented orally at the Settlement Hearing by Class Members (or by counsel on their behalf); and

(6) to rule upon such other matters as the Court may deem appropriate.

If you purchased or otherwise acquired common stock of STAAR between November 1, 2013 and June 30, 2014 your rights may be affected by the Settlement of this Action. To receive a detailed Long Form Notice of Pendency and Proposed Settlement of Class Action (the “Notice”) and a copy of the Proof of Claim and Release Form (the “Proof of Claim”), you may obtain them free of charge by writing to STAAR Surgical Securities Litigation, c/o GCG, Claims Administrator, PO Box 10466, Dublin, OH 43017-4066 or by calling toll-free 1-844-590-5685, or on the internet at www.staarsurgicalsecuritieslitigation.com.

If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim to the Claims Administrator no later than October 9, 2017, establishing that you are entitled to recovery. As further described in the Notice, unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you submit a Proof of Claim. If you desire to be excluded from the Class, you must submit a request for exclusion to the Claims Administrator, postmarked no later than September 25, 2017, in the manner and form explained in the detailed Notice.

Any objection to the Settlement, Plan of Allocation, Lead Plaintiff’s Counsel’s request for an award of Attorneys’ Fees and Expenses, or request for a Compensatory Award to Lead Plaintiff must be in the manner and form explained in the detailed Notice and postmarked no later than September 25, 2017, to each of the following:

Counsel for Lead Plaintiff and the Class

Michael J. Wernke, Esq.
Pomerantz LLP
600 Third Avenue, 20th Floor
New York, NY 10016

Defendants’ Counsel

Dan Marmalefsky, Esq.
Kai Bartolomeo, Esq.
Morrison & Foerster LLP
707 Wilshire Blvd., Suite 6000
Los Angeles, CA 90017-3543

In addition, by the same date, September 25, 2017, you must file any objections with the Clerk of the Court, identifying this Action and stating fully the basis of your objection, at the following address: Clerk of the Court, U.S. District Court, Central District of California, 350 West First Street, Los Angeles, California 90012.

If you have any questions about the Settlement, you may call or write to Lead Plaintiff's  Counsel:

Michael J. Wernke, Esq.
Pomerantz LLP
600 Third Avenue, 20th Floor
New York, NY 10016
Tel.: (212) 661-1100
Fax: (212) 661-8665

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

DATED: JULY 24, 2017            

BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
CENTRAL DISTRICT OF CALIFORNIA


            

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