March 25, 1992 |
Shares of Azusa-based Optical Radiation Corp. plummeted Tuesday on a published report about a federal criminal inquiry into the firm's Orcolon eye gel, which allegedly can cause blindness. The Wall Street Journal, quoting sources it didn't identify, said Food and Drug Administration investigators were preparing a possible criminal case for the Justice Department to prosecute over the advertising and sale of Orcolon. Optical Radiation's stock plunged $4.25 to $24.
March 17, 1992 |
Optical Radiation to Split in Two: The Azusa-based firm will create a new publicly traded company by spinning off its consumer optical group, which makes contact lens and prescription eye-wear. The division accounted for $82 million worth of Optical Radiation's $146 million in revenue last year. Shareholders will receive 1.5 shares of the new company for each Optical Radiation share held, if the Internal Revenue Service OKs the plan as a tax-free distribution. Chief Executive Richard D.
October 22, 1991 |
Azusa-based Optical Radiation Corp. worked to restore investor confidence Monday after reports that one of its eye surgery products may cause increased intraocular pressure and possible blindness. The company's share price dropped $2.75 to $21.25 in the over-the-counter market Monday on a reports its Orcolon product had been recalled by the company. Meanwhile, the company announced that it was expanding a buyback of its shares from $30 million to $40 million.
January 7, 1991 |
Lens Suit Settled for $5.3 Million: Optical Radiation Corp. has agreed to pay a Southern California ophthalmologist $5.3 million to settle a patent infringement suit stemming from the company's manufacturing of multi-piece intraocular lenses, which are implanted in cataract patients. A federal judge had ruled earlier that the Azusa company had violated ophthalmologist Ronald P. Jensen's patent on lens manufacturing.
July 4, 1990 |
The year is half over. Have you made any money? If you dig through your portfolio, you might be surprised at what you find. Despite the turmoil in financial markets in the first six months of this year--as investors struggled with alternating inflation/deflation fears--it has actually been tough to lose money, on the average. * The typical growth-stock mutual fund, for example, gained 4.2% from Dec. 31 to last Friday, as a strong second quarter made up for a weak first quarter.
May 30, 1990 |
As originally created by cartoonist Chester Gould, policeman Dick Tracy was ahead of his time in popularizing a lot of modern crime-stopping technology--fingerprinting, night scopes, teletype, police radios and the like. This summer, the movie "Dick Tracy" will be used to introduce audiences to a new hiss-stopping technology--digital sound for movie theaters. Earlier this month Eastman Kodak and the Optical Radiation Corp.