Lerach Coughlin Stoia Geller Rudman & Robbins LLP (?Lerach
Coughlin?) (http://www.lerachlaw.com/cases/advancedmedical/)
today announced that a class action has been commenced in the United
States District Court for the Central District of California on behalf
of purchasers of Advanced Medical Optics, Inc. (?Advanced
Medical?) (NYSE:EYE) common stock during the
period between January 4, 2007 and May 25, 2007 (the ?Class
Period?).
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff's counsel, Darren Robbins of
Lerach Coughlin at 800/449-4900 or 619/231-1058, or via e-mail at wsl@lerachlaw.com.
If you are a member of this class, you can view a copy of the complaint
as filed or join this class action online at http://www.lerachlaw.com/cases/advancedmedical/.
Any member of the purported 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.
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.
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.
Plaintiff seeks to recover damages on behalf of all purchasers of
Advanced Medical common stock during the Class Period (the ?Class?).
The plaintiff is represented by Lerach Coughlin, which has expertise in
prosecuting investor class actions and extensive experience in actions
involving financial fraud.
Lerach Coughlin, a 180-lawyer firm with offices in San Diego, San
Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston
and Philadelphia, is active in major litigations pending in federal and
state courts throughout the United States and has taken a leading role
in many important actions on behalf of defrauded investors, consumers,
and companies, as well as victims of human rights violations. Lerach
Coughlin lawyers have been responsible for more than $45 billion in
aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com)
has more information about the firm.
Lerach Coughlin Stoia Geller Rudman & Robbins LLP
Darren
Robbins, 800-449-4900 or 619-231-1058
wsl@lerachlaw.com
bourse
