Case Page

 

Case Status:    DISMISSED    
On or around 07/11/2008 (Court's order of dismissal)

Filing Date: August 24, 2007

The remaining consolidated case was voluntarily dismissed on July 11, 2008 and the case has been closed.

Two similar class actions were filed in the same district. However, the plaintiff in one case voluntarily dismissed charges without prejudice. On November 24, 2007 the judge approved motions for lead plaintiff and lead counsel. The plaintiffs filed a Consolidated Complaint on January 18, 2008 and defendants followed with a motion to dismiss the complaint on February 28, 2008. After hearing oral arguments on the motion, the judge dismissed the case with prejudice on June 6, 2008.

According to a press release dated August 24, 2007, the complaint charges Advanced Medical and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Advanced Medical is engaged in the development, manufacture and marketing of medical devices for the eye.

Specifically, the complaint alleges that defendants violated the federal securities laws by disseminating false and misleading statements to the investing public and concealing negative information, making it impossible for shareholders to gain a meaningful or realistic understanding of the risks and long-term market success of the Company’s profitable contact lens solution, Complete MoisturePlus™ Multipurpose Solution. As a result of defendants’ false statements, Advanced Medical stock traded at inflated levels during the Class Period, during which time the Company’s top officers and directors were able to reap more than $6.8 million in insider trading proceeds.

According to the complaint, in November 2006, prior to the Class Period, the Company had announced a voluntary recall of certain eye care product lots and the related manufacturing capacity constraints caused by a production-line issue at its manufacturing plant in China. By the beginning of the Class Period, the defendants had successfully convinced the market that problems with Complete were in the past. Then on May 25, 2007, after the market closed, the Company issued a press release announcing the voluntary recall of Complete due to the risk of corneal infection that was linked to the use of Complete. On this news, Advanced Medical stock collapsed, dropping $5.51 per share on volume of 16.2 million shares.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: EYE
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 07-CV-05569
JUDGE: Hon. S. James Otero
DATE FILED: 08/24/2007
CLASS PERIOD START: 01/04/2007
CLASS PERIOD END: 05/25/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Schiffrin Barroway Topaz & Kessler, LLP (Radnor)
    280 King of Prussia Road, Schiffrin Barroway Topaz & Kessler, LLP (Radnor), PA 19087
    610.667.7706 610.667.7056 · info@sbtklaw.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 07-CV-05569
JUDGE: Hon. S. James Otero
DATE FILED: 01/18/2008
CLASS PERIOD START: 01/04/2007
CLASS PERIOD END: 05/25/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    401 B Street, Suite 1700, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    206.749.5544 206.749.9978 · info@csgrr.com/
No Document Title Filing Date
No Document Title Filing Date