SOURCE: Holzer Holzer & Fistel, LLC

Holzer Holzer & Fistel, LLC

September 03, 2013 11:50 ET

Investor Alert: Holzer Holzer & Fistel, LLC Filed a Class Action Against Biolase, Inc.; Investors With Significant Losses Encouraged to Inquire About Lead Plaintiff Position

ATLANTA, GA--(Marketwired - Sep 3, 2013) - Holzer Holzer & Fistel, LLC announces that it has filed a class action lawsuit on behalf of investors who purchased Biolase, Inc. ("Biolase" or the "Company") (NASDAQ: BIOL) common stock between November 5, 2012 and August 12, 2013. The complaint alleges that a series of statements made during that time regarding Biolase's business, operations and prospects were false and misleading. Specifically, the complaint alleges that Biolase misrepresented and failed to adequately disclose that: (a) contrary to defendants' statements during the Class Period, only 5% of dental offices use dental lasers and dentists were hesitant to adopt dental lasers because of their high costs negatively impacting Biolase's bottom line; (b) due to the relatively high costs associated with its dental laser offerings, Biolase's efforts to switch to a direct sales model in the United States during the Class Period were failing; (c) 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 (d) contrary to defendants' Class Period statements, there was no cash being generated from operations and the Company was in default of its Comerica lines of credit.

If you purchased Biolase common stock between November 5, 2012 and August 12, 2013 you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than October 22, 2013. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you are a Biolase investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Michael I. Fistel, Jr., Esq., or Marshall P. Dees, Esq. via email at mfistel@holzerlaw.com, or mdees@holzerlaw.com, or via toll-free telephone at (888) 508-6832.

Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.