STEVENSON, Md., Aug. 27, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Biolase, Inc. ("Biolase" or the "Company") (Nasdaq:BIOL) common stock during the period between January 7, 2013 and August 12, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Biolase, Inc. common stock purchased on or after January 7, 2013, and held through the revelations of negative information on August 7, 2013 and/or August 13, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 22, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that there was little evidence demonstrating the use of dental lasers (instead of drills) provided long-term benefits to teeth and that dentists were hesitant to adopt dental lasers, especially Biolase's, because of their high cost, that because of the relatively high cost of its dental lasers, Biolase's efforts to switch to a direct sales model in the United States were failing, that the Company was being financially handicapped because of the high debt burden it had assumed to exit its arrangement with the former exclusive distributor of its WaterLase products and because of the onerous terms of certain of its Comerica Bank lines of credit, and that no cash was being generated from operations and the Company was in default of its Comerica Bank lines of credit. According to the complaint, following the Company's August 7, 2013 disclosure that its second quarter 2013 financial results were below expectations, and the Company's August 13, 2013 disclosure that it was in violation of its bank covenants, the value of Biolase shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.