Biolase: Letter Perfect?

Bears still expect Biolase (BLTI Quote) to get it in the teeth.

The dental laser maker seemed to have a real reason to smile late last month. Shares soared in late September when Biolase announced that it had resolved a Food and Drug Administration warning letter.

But a look at the FDA's actual letter suggests that Biolase is the subject of numerous customer complaints that the agency has yet to even examine.

"Not all complaints have been reviewed and evaluated to determine whether an investigation is necessary," the FDA's Sept. 5 letter states. "Specifically, there are at least 325 customer complaints dating back to 10/13/2005 that have not been evaluated to determine if an investigation is necessary." ...