LOS ANGELES, Aug. 13, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Central District of California on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired securities of Biolase Technology, Inc. ("Biolase" or the "Company") (Nasdaq:BLTI) between October 29, 2003 and July 16, 2004, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Biolase and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims that defendants' omissions and material misrepresentations concerning Biolase's financial performance artificially inflated the Company's stock price, inflicting damages on investors. Biolase designs, manufactures and markets proprietary dental laser systems to dentists, oral surgeons and other specialists. On July 16, 2004, after the markets closed, Biolase reported preliminary results which were below analysts expectations for the second quarter of 2004, causing Biolase shares to plummet 27 percent on July 19, 2004. Plaintiff alleges the Company failed to disclose and misrepresented material adverse facts during the Class Period, which defendants knew or recklessly disregarded, including that: (a) Waterlase, the Company's best-selling laser system and primary product, was not gaining market share, and demand for the product was not increasing at the rates represented by defendants; (b) Biolase had introduced a lower-priced, entry level laser which was cannibalizing sales such that Biolase's reported earnings were false and misleading; (c) Defendants were concealing this decreasing demand by granting extended payment terms and price breaks; and (d) the Company would not achieve the earnings growth forecasted.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than October 5, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca