BALA CYNWYD, Pa., Oct. 14, 2013 /PRNewswire/ -- Law Office of Brodsky & Smith, LLC announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all those investors who purchased or otherwise acquired shares of Biolase, Inc. (Nasdaq: BIOL) ("Biolase" or the "Company") between January 7, 2013 and August 12, 2013, inclusive (the "Class Period").
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The Complaint alleges that the defendants failed to disclose that the Company was facing near term solvency and liquidity issues resulting from the Company's debt burden and sales not being as strong as reported. As a result, the Company's financial statements were false and misleading at all relevant times. On August 13, 2013, the Company announced that it was in violation of its bank covenants. On this news, shares of Biolase declined $1.61 per share, more than 47%, to close at $1.81 per share.
If you are a member of the class described above, you may, not later than October 22, 2013 ,move the Court to serve as a lead plaintiff of the class, if you so choose. If you purchased shares of Biolase stock during the Class Period and wish to discuss this action, you may e-mail or call the Law Office of Brodsky & Smith, LLC who will, without obligation or cost to you, answer your questions. Please contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at email@example.com, by visiting http://brodsky-smith.com/659-biol-biolase-inc.html, or calling toll free 877-LEGAL-90.Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.