CooperVision Hit With Investor Suit Over Lens Recall

Law360, New York (January 10, 2012, 7:36 PM EST) -- A shareholder derivative suit launched Monday against the board of CooperVision Inc.'s parent company claims the multinational contact lens manufacturer lied to investors about its quality control standards in the months leading up to a massive lens recall that torpedoed the company's stock.

The complaint, filed in California federal court by shareholder Joseph Operman, accuses parent company Cooper Companies Inc., President and CEO Robert S. Weiss, and seven other Cooper board members of inflating the company's stock prices with positive earnings outlooks beginning in the first...
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