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Shareholder Alert: Pomerantz Law Firm has filed a Class Action Against Biolase, Inc. and Certain Officers - BIOL
Date:8/26/2013

rding the Company's business and operations. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was facing near term solvency issues; (ii) the Company faced severe liquidity problems; (iii) the Company's sales were not as strong as reported; and (iv) as a result of the foregoing, the Company's financial statements were false and misleading at all relevant times.

On August 9, 2013, the Company announced in its quarterly report for the period ending June 30, 2013, that Biolase was in breach if its financial covenants related to its lines of credit.  On this news, shares of Biolase declined $1.61 per share, more than 47%, to close at 1.81 per share on August 13, 2013.

Then on August 14, 2013, an analyst report was published on seekingalpha.com which criticized the Company for misleading investors regarding the extent of its solvency problems as well as providing the market with false guidance regarding the Company's sales and the state of adoption of the Company's products by practitioners.  On this news, shares of Biolase declined $0.61 per share, more than 33%, to close at 1.20 per share on August 14, 2013.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members
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SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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