The Cooper Companies, Inc.
Robbins Umeda LLP Announces an Investigation of The Cooper Companies, Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at The Cooper Companies, Inc. (NYSE: COO). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP’s investigation focuses on whether officials at The Cooper Companies breached their fiduciary duties to shareholders, maintained woefully inadequate controls, and wasted corporate assets to the detriment of the company and investors. In particular, the firm is investigating allegations that certain officers and directors failed to disclose to the public the full extent of quality control issues and dangerous product defects affecting the company’s contact lenses. Specifically, in August 2011, The Cooper Companies allegedly downplayed these pervasive quality control issues by announcing only a “limited voluntary” recall of a single line of contact lenses.
However, in October of 2011, the Food and Drug Administration (“FDA”) stepped in and issued a Class I warning to the company after receiving several reports of “severe injuries” from dozens of customers. Then, on November 15, 2011, The Cooper Companies announced that it would have to expand its original recall to include nearly five million contact lenses that had already been shipped to consumers. Additionally, the company revealed to the public that it was forced to reserve more than $23 million to cover the cost of the recall and related liability.
On this news, shares of The Cooper Companies common stock plummeted more than 22% from over $84 share in September 2011, to close below $57 per share on November 15, 2011, erasing hundreds of millions of dollars in market capitalization. Furthermore, the company has increasingly become the focus of costly public and legal scrutiny, while ongoing investigations by the FDA threaten to turn up additional quality control issues at The Cooper Companies’ major manufacturing facilities.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please click here.