SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on
Their Investment in Biolase, Inc. of Class Action Lawsuit and Upcoming
Deadline -- BIOL
NEW YORK, Sept. 20, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Biolase, Inc.
("Biolase" or the "Company") (Nasdaq:BIOL) and certain of its officers. The
class action, filed in United States District Court, Central District of
California, and docketed under SACV 13-1317-DMG, is on behalf of a class
consisting of all persons or entities who purchased or otherwise acquired
securities of Biolase between November 5, 2012 and August 7, 2013 both dates
inclusive (the "Class Period"). This class action seeks to recover damages
against the Company and certain of its officers and directors as a result of
alleged violations of the federal securities laws pursuant to Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
If you are a shareholder who purchased Biolase securities during the Class
Period, you have until October 22, 2013 to ask the Court to appoint you as
Lead Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at
email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Biolase is a biomedical company that develops, manufactures, and markets
lasers in dentistry and medicine and also markets and distributes dental
imaging equipment, including cone beam digital x-rays and CAD/CAM intra-oral
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company's business
and operations. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) the Company was facing near
term solvency issues; (ii) the Company faced severe liquidity problems; (iii)
the Company's sales were not as strong as reported; and (iv) as a result of
the foregoing, the Company's financial statements were false and misleading at
all relevant times.
On August 9, 2013, the Company announced in its quarterly report for the
period ending June 30, 2013, that Biolase was in breach if its financial
covenants related to the Comerica line of credit. On this news, shares of
Biolase declined $1.61 per share, more than 47%, to close at 1.81 per share on
August 13, 2013.
Then on August 14, 2013, an analyst report was published on seekingalpha.com
which criticized the Company for misleading investors regarding the extent of
its solvency problems as well as providing the market with false guidance
regarding the Company's sales and the state of adoption of the Company's
products by practitioners. On this news, shares of Biolase declined $0.61 per
share, more than 33%, to close at $1.20 per share on August 14, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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