RADNOR, Pa., April 22 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of all purchasers of securities of Candela Corporation (Nasdaq: CLZR) ("Candela" or the "Company") from February 1, 2006 through August 21, 2007, inclusive (the "Class Period").
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 Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com.
The Complaint charges Candela and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Candela manufactures and distributes clinical solutions that enable physicians, surgeons, and personal care practitioners to treat selected cosmetic and medical conditions using lasers, aesthetic laser systems, and other advanced technologies. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company was not able to remain competitive in the field; (2) specifically, the Company was not offering a competitive multi-configuration/multi-application device and was losing market share; (3) that the Company and Palomar Medical Technologies, Inc. ("Palomar") had exchanged various communications concerning the prospect of patent litigation by Palomar, which if commenced would increase costs; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.
On August 10, 2006, the Company announced that it had filed a claim against Palomar asserting that certain Palomar systems infringed on upon patents held by Candela. The Company stated that it would seek an injunction and monetary damages. Then, on August 21, 2006, the Company shocked investors when it reported that net income for the fourth quarter would be $0.10 per share, well below the $0.23 per share analysts had expected. The Company announced that it was not satisfied with these results, and that it would examine its position and the market and plan to introduce new products in the first half of 2007. Upon the release of this news, the Company's shares declined $4.16 per share, or 28.71 percent, to close on August 22, 2006 at $10.33 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com
If you are a member of the class described above, you may, not later than June 2, 2008, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
|SOURCE Schiffrin Barroway Topaz & Kessler, LLP|
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