San Diego, Jan. 23, 2012 (Shareholders Foundation) -- An investor NYSE COO stocks filed a lawsuit against certain directors at the Cooper Companies, Inc. over alleged breaches of fiduciary duties in connection with the recall of Avaira Toric and Avaira Sphere contact lenses.
In August 2011, the Cooper Companies, Inc. announced that its subsidiary CooperVision has initiated a recall on limited lots of Avaira® Toric contact lenses.

The plaintiff alleges that defendants intentionally downplayed the breadth and impact of its quality control problems.

But then on October 11, 2011, so the lawsuit, the U.S. Food and Drug Administration (“FDA”) would step in and issue a Class I warning and begin pressuring the Cooper Companies, Inc to provide clear notice to the public of the reasons for the recall of nearly 780,00 of its Avaira Toric lenses and the seriousness of the potential injuries.

Then on November 15, 2011, the Cooper Companies, Inc. (COO) announced that its subsidiary CooperVision has expanded its recall on limited lots of Avaira Toric contact lenses to include limited lots of Avaira Sphere contact lenses. Cooper Companies said CooperVision is expanding the recall because it identified certain lots of Avaira Sphere lenses that did not meet its updated quality requirements due to the level of a silicone oil residue.

Shares of the Cooper Companies (NYSE COO) fell from $83 per share in September 2011 to as low as $52.97 per share on November 15, 2011.