Cooper (COO) Shares Plunge 15% as CooperVision Extends Recall, Now Includes Replacement of Limited Lots of Avaira Sphere
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Shares of The Cooper Companies (NYSE: COO) are now down more than 15 percent following news the company's subsidiary CooperVision has expanded its recall to include the replacement of limited lots of Avaira Sphere lenses.
"In continued collaboration with the United States Food and Drug Administration, 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. CooperVision intends to replace the recalled product with available Avaira Sphere inventory."
While the stock had traded down as much as 7 percent ahead of Cooper's press release, shares have plunged another 8 percent over just the last half hour of trade.
"In continued collaboration with the United States Food and Drug Administration, 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. CooperVision intends to replace the recalled product with available Avaira Sphere inventory."
While the stock had traded down as much as 7 percent ahead of Cooper's press release, shares have plunged another 8 percent over just the last half hour of trade.
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