STEVENSON, Md., Aug. 29, 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) securities during the period between November 5, 2012 and August 12, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Biolase, Inc. securities purchased on or after November 5, 2012, and held through the revelations of negative information on August 7, 2013, August 9, 2013, and/or August 14, 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 firstname.lastname@example.org, 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 the Company was facing near-term solvency issues and severe liquidity problems, and that the Company's sales were not as strong as reported. According to the complaint, following the Company's August 7, 2013 disclosure that its second quarter 2013 financial results were below expectations, the Company's August 9, 2013 disclosure that it was in breach of its financial covenants related to its line of credit with Comerica Bank, and an August 14, 2013 analyst report published on seekingalpha.com that criticized the Company for misleading investors regarding the extent of its solvency problems and the state of adoption of the Company's products by practitioners, 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.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation