NEW YORK, Sept. 15, 2004 (PRIMEZONE) -- Murray, Frank & Sailer LLP announces that a class action lawsuit was filed in the Central District of California on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired the securities of Biolase Technology, Inc. ("Biolase" or the "Company") (Nasdaq:BLTI) between October 29, 2003 and July 16, 2004, inclusive (the "Class Period").
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.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or acquired the common stock of Biolase between October 29, 2003 through July 16, 2004, inclusive, and sustained damages, you may, no later than October 5, 2004, move the Court to serve as lead plaintiff of the class. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca