SOURCE: Shareholders Foundation, Inc.

Shareholders Foundation, Inc.

January 17, 2012 09:36 ET

The Cooper Companies, Inc. Investor Lawsuit Against Directors Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Jan 17, 2012) - The Shareholders Foundation, Inc. announces that a current investor in shares of the Cooper Companies, Inc. (COO) filed a lawsuit in State Court against directors at Cooper Companies over alleged breaches of fiduciary duties in connection with the recall of Avaira Toric and Avaira Sphere contact lenses.

In August 2011, Cooper Companies announced that its subsidiary CooperVision has initiated a recall on limited lots of Avaira® Toric contact lenses.

The plaintiff alleges that defendants intentionally downplayed the breadth and impact of its quality control problems. By October 11, 2011, so the lawsuit, the Food and Drug Administration would step in and issue a Class I warning and began pressuring the Cooper Companies to provide clear notice to the public of the reasons for the recall of nearly 780,000 of its Avaira Toric lenses and the seriousness of the potential injuries.

Then on November 15, 2011, Cooper Companies announced that its subsidiary CooperVision has expanded its recall on limited lots of Avaira Toric contact lenses to include also limited lots of Avaira Sphere contact lenses. Cooper Companies said CooperVision is expanding the recall because it identified certain lots of Avaira Sphere lenses that did not meet its updated quality requirements. The plaintiff claims that the expanded recall included nearly five million Avaira Sphere contact lenses that had already shipped.

Those who are a current long term investors in COO shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108