A class action Avaira^® contact lens lawsuit has been filed against The Cooper Companies, the parent company for contact lens manufacturer CooperVision. According to the complaint, which was filed in the U.S. District Court for the Northern District of California, a class action status is being sought to represent anyone who bought stock between March 4 and November 15, 2011.

Plaintiffs are alleging that The Cooper Companies were dishonest in their practices by artificially inflating their stock value and downplaying the harmful effects of the recalled contact lenses.

In August of 2010, a recall was issued for Avaira Toric contact lenses due to complaints by consumers who say the contacts caused them to experience hazy vision, severe eye pain, and discomfort. Initially, 778,000 contact lenses were affected. CooperVision admits that a mistake during the manufacturing process caused the unintended presence of silicon oil residue to contaminate the lenses.

The Food and Drug Administration (FDA) took action in October by issuing a Class 1 recall, the most serious type of recall, on Avaira contact lenses. CooperVision was criticized by the FDA for failing to sufficiently alert consumers regarding the risks associated with wearing Avaira Toric contact lenses.

In November, the Avaira line of contacts was expanded to include 5 million Avaira Sphere contact lenses. According to the class action lawsuit filed by investors, stock value for Avaira contact lenses plummeted after the risks of wearing the contaminated contact lenses were revealed to the public.

Allegations are being made against the company’s executives, claiming that they sold millions of dollars in company shares although knowing the rising concerns of wearing the contact lenses. It is believed that these executives exaggerated their expectations for 2011 revenues by downplaying the recall and artificially inflating the value of the company’s stock.

Currently, all production of CooperVision Avaira Toric and Avaira Sphere contact lenses are at a standstill until the problem which caused the silicone oil contamination is fixed.