A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of BIOLASE Inc (NASDAQ: BIOL)over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on August 15, 2015 and NASDAQ: BIOL investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/18/2015 -- A deadline is coming up on August 15, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of BIOLASE Inc (NASDAQ: BIOL) between November 5, 2012 and August 13, 2013.
Investors who purchased a significant amount of shares of BIOLASE Inc (NASDAQ: BIOL) between November 5, 2012 and August 13, 2013, have certain options and should contact the Shareholders Foundation by email at firstname.lastname@example.org or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the BIOLASE Inc (NASDAQ: BIOL) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/biolase-inc-nasdaq-biol-investor-securities-class-action-lawsuit-08232013
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is August 15, 2015. The class action administrator for this case is RG/2 Claims Administration LLC.
The lawsuit was originally filed in the U.S. District Court for the Central District of California against Biolase Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 7, 2013 and August 12, 2013.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Biolase Inc (NASDAQ :BIOL) between January 7, 2013 and August 12, 2013, that Biolase Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff alleges that defendants failed to disclose and/or concealed between January 7, 2013 and August 12, 2013, that contrary to defendants' statements between January 7, 2013 and August 12, 2013, there is little evidence demonstrating the use of dental lasers (instead of drills) provides long-term benefits to teeth, and because both children and adults can have cavities filled without the numbing injections Biolase Inc claims its WaterLase products preclude, only 5% of dental offices use dental lasers and dentists were hesitant to adopt dental lasers – especially Biolase Inc's – because of their high costs, that due to the relatively high costs associated with its dental laser offerings, Biolase Inc's efforts to switch to a direct sales model in the United States between January 7, 2013 and August 12, 2013 were failing, that contrary to defendants' statements between January 7, 2013 and August 12, 2013, the high debt burden the Company assumed to exit its arrangement with the former exclusive distributor of its WaterLase products, coupled with the onerous terms of certain of its Comerica lines of credit, were financially handicapping the Company, and that contrary to defendants' statements between January 7, 2013 and August 12, 2013 that "the cash generated from operations and the borrowings available under the lines of credit with Comerica [would] be sufficient to fund [Biolase Inc's] working capital requirements for 2013," there was no cash being generated from operations and the Company was in default of its Comerica lines of credit.
On Jan 7, 2013, Biolase Inc announced that, based on a preliminary review of its financial performance for the fourth quarter ended December 31, 2012, Biolase Inc expects to exceed its previous guidance and report net revenue in excess of $18 million.
Those who purchased shares of BIOLASE Inc (NASDAQ: BIOL) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego