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Legal action against STAAR dismissed and resolved
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MONROVIA, Calif. — STAAR Surgical Company (NASDAQ: STAA) announced that NovaStaar Investments, LLC and LaMar F. Laster, Jr. dismissed an action filed in the Delaware Chancery Court to gain inspection of certain books and records belonging to the company.
In October, STAAR executed an agreement with Canon and Canon Sales Co. of Japan resolving all claims between the parties and reaffirming the partnering arrangement to manufacture and distribute ophthalmic products based on STAAR’s technology by their joint venture company, Canon STAAR Co.
The agreement settles the federal lawsuit previously filed by STAAR in the U.S. District Court and the parties’ respective claims previously filed with the Japanese Commercial Arbitration Association. The parties have already commenced the necessary procedures for dismissals of the federal lawsuit and the claims with the arbitration. The settlement does not include claims that may be made by the parties against John Wolf, STAAR’s former president.
The non-cash settlement eliminates an alleged $70 million liability for STAAR, while allowing Canon STAAR Co. to immediately start developing and manufacturing new products, taking advantage of STAAR’s technology in Japan and the rest of the Asian market. In addition, STAAR agreed to promptly transfer its new technology and steadily and continuously supply the raw materials to Canon STAAR.
The company also announced that it has received the payment of a back dividend from Canon STAAR of approximately $300,000.