The investment analyst J Capital issued a report on August 11, 2020 on STAAR entitled “STAAR Surgical, Less Than Meets the Eye.” It was alleged in the The J Capital report that the company overstated its sales in China by at least one third (or $21.6 mln), “meaning all of the company’s $14 mln in 2019 profit is fake.” The J Capital report – which was based on over 75 interviews with former employees, and extensive review of public documents, and site visits to China and Switzerland – concludes STAAR reports fake sales revenues by overstating sales and then marking up actual marketing costs to hide “phantom” revenue. The report found, in particular, that Aier Eye Hospital’s financial statements indicate that it bought only about half as many lenses as STAAR reports.

On August 11, 2020, STAAR’s stock price fell $3.17 per share, or 6%, on this news, to close at $48.25 per share, damaging investors.

Staar Surgical Company

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