HARTFORD, Conn., Aug. 30, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased the publicly traded securities of Advanced Medical Optics, Inc. ("Advanced Medical") (NYSE:EYE) between January 4, 2007 and May 25, 2007, inclusive (the "Class Period").
The Complaint charges that Advanced Medical and certain of its officers and directors violated federal securities law. Specifically, it is alleged that defendants disseminated false and misleading statements to the investing public and concealed 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(tm) 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 fell $5.51 per share.
If you are a member of the class, you may, no later than October 23, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.