Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date
of Report (Date of Earliest Event
Reported):
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March
23, 2009
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STAAR
Surgical Company
__________________________________________
(Exact
name of registrant as specified in its charter)
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Delaware
(State
or other jurisdiction
of
incorporation)
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0-11634
(Commission
File
Number)
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95-3797439
(I.R.S.
Employer
Identification
No.)
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1911
Walker Ave, Monrovia, California
(Address
of principal executive offices)
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91016
(Zip
Code)
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Registrant’s
telephone number, including area code:
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626-303-7902
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Former
name or former address, if changed since last report
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
7.01 Regulation FD Disclosure.
On March
23, 2009, the Company’s application for stay of judgment in the case Parallax Medical Systems, Inc. v.
STAAR Surgical Company was granted by the California Superior Court,
County of Orange. Judgment based on the verdict was also entered on
the same date. The court has stayed execution of the judgment and
collection of damages until after the completion of post-trial motions and the
deadline to file notice of appeal, which is a period of approximately three
months. During this period, the Company intends to contest the
outcome of this case through post-trial proceedings and, if necessary, to
arrange resources to pursue appeal and to secure a bond for the amount of
damages included in final judgment. The Company believes that the Parallax case was incorrectly
decided as to liability, the amount of compensatory damages and the
appropriateness and amount of punitive damages.
Safe Harbor
All
statements in this report that are not statements of historical fact are
forward-looking statements, including any statements of the intent, plans,
strategies or objectives of management, and including any statements regarding
the Company’s intent to contest the Parallax judgment. These
forward-looking statements are subject to risks and uncertainties, including the
risk that post-trial motions or appeal may be denied or, if granted, may result
in further proceedings that give limited or no relief. If the Company
is unable to obtain additional capital to satisfy the judgment or post an appeal
bond before the expiration of the stay, the Company could be required to
petition for protection under federal bankruptcy laws, which could further
impair its financial position and liquidity, and would likely result in a
default of its other debt obligations. STAAR’s risks related to
litigation and its other material risks affecting the outcome of forward-looking
statements are described in its Annual Report on Form 10-K and Quarterly Report
on Form 10-Q under the caption "Risk Factors." STAAR assumes no
obligation to update its forward-looking statements to reflect future events or
actual outcomes and does not intend to do so.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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March 25, 2009
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STAAR Surgical Company
By: /s/Barry
G. Caldwell
Name: Barry G.
Caldwell
Title: President and Chief
Executive Officer
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