NEW YORK, Oct. 21, 2013 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who purchased Biolase, Inc. ("Biolase" or the "Company") (NasdaqCM: BIOL) stock between January 7, 2013 and August 12, 2013.
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The complaint alleges that during the Class Period, defendants failed to disclose and/or concealed that: (a) there is little evidence demonstrating that the use of dental lasers provides long-term benefits to teeth; (b) Biolase's efforts to switch to a direct sales model in the United States were failing; (c) the debt burden the Company assumed to exit its arrangement with the former exclusive distributor of its WaterLase products, coupled with the terms of certain of its Comerica lines of credit, were financially handicapping the Company; and (d) there was no cash being generated from operations and the Company was in default of its Comerica lines of credit.On August 7, 2013, Biolase announced its second quarter 2013 financial results, reporting revenues of just $14.2 million. Then on August 13, 2013, the Company announced that it was in violation of its bank covenants. If you suffered a loss in Biolase you have until October 22, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/biolase-biol/ . Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky, LLP