Lawsuit Against The Cooper Companies, Inc. Seeking Class Action Status
A lawsuit seeking class action status was filed in the United States District Court for the Central District of California against The Cooper Companies, Inc. by the law firm of Schatz & Nobel, P.C., on the behalf of all the persons who purchased or acquired the publicly traded securities of The Cooper Companies, Inc. (”Cooper” or the “Company”) (NYSE:COO) between July 29, 2004, and November 21, 2005, inclusive, (the “Class Period”) and all those who acquired Cooper through its acquisition of Ocular Sciences, Inc. (”Ocular”).
The Complaint alleges defendants violated federal securities laws by issuing a series of materially false statements regarding Cooper’s business condition. Specifically, defendants failed to disclose that:
(i) Cooper improperly accounted for assets acquired in the Ocular merger, as reported in the Proxy Statement, by misclassifying intangible assets as tangible, which had the effect of lowering amortization expense;
(ii) Cooper’s aggressive earnings guidance reflected the improper accounting for intangible assets and was inflated by the amount of the understated amortization expense;
(iii) the merger synergies touted by defendants were unrealistic;
(iv) Ocular had stuffed the channel with its Biomedics products;
(v) Cooper’s lack of a two-week silicone hydrogel product would prevent it from meeting its aggressive growth targets for 2005 and beyond, contrary to defendants’ repeated representations that the Company’s Proclear product was competing favorably against the silicone hydrogel products; and
(vi) Cooper and Ocular in fact competed in the two-week lens market.
If you are a member of the class, you may, no later than April 17, 2006, request that the Court appoint you as lead plaintiff of the class.
Filed under Class Action, General Law
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