SOURCE: BIOLASE Technology, Inc.

March 16, 2006 16:54 ET

Third Amended Complaint Filed in Shareholder Class Action Lawsuit

SAN CLEMENTE, CA -- (MARKET WIRE) -- March 16, 2006 -- BIOLASE Technology, Inc. (NASDAQ: BLTI), a medical technology company that develops, manufactures and markets lasers and related products focused on technologies for improved applications and procedures in dentistry and medicine, announced today that the plaintiffs in the Company's ongoing class action lawsuit have filed a third amended complaint in the United States District Court for the Central District of California.

On January 18, 2006, the court granted BIOLASE's motion to dismiss the plaintiffs' second amended complaint but gave the plaintiffs leave to amend. The third amended complaint continues to allege that BIOLASE and its officers violated the federal securities laws by failing to disclose material information, making false statements and taking actions to artificially inflate and maintain the market price of the Company's common stock. However, the third amended complaint seeks damages only on behalf of an alleged class of investors who purchased or otherwise acquired BIOLASE common stock pursuant or traceable to BIOLASE's March 2004 public offering. Management intends to continue to defend the action vigorously and plans to file a motion to dismiss.

About BIOLASE Technology, Inc.

BIOLASE Technology, Inc. (http://www.biolase.com) is a medical technology company that develops, manufactures and markets lasers and related products focused on technologies for improved applications and procedures in dentistry and medicine. The Company's products incorporate patented and patent pending technologies focused on reducing pain and improving clinical results. Its primary product, the Waterlase® system, is one of the best selling dental laser systems. The Waterlase system uses a patented combination of water and laser to precisely cut hard tissue, such as bone and teeth, and soft tissue, such as gums, with minimal or no damage to surrounding tissue. The Company also offers the LaserSmile™ system, which uses a laser to perform soft tissue and cosmetic procedures, including tooth whitening.

This press release may contain forward-looking statements within the meaning of safe harbor provided by the Securities Reform Act of 1995 that are based on the current expectations and estimates by our management. These forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," and variations of these words or similar expressions. Forward-looking statements are based on management's current expectations and are subject to risks, uncertainties and other factors which may cause the Company's actual results to differ materially from the statements contained herein, including, without limitation, the Company's ability to successfully defend itself in the ongoing shareholder litigation, the impact of changes in demand for the Company's products, the Company's effectiveness in managing manufacturing costs and expansion of its operations, the impact of technological advances and competition, adoption of the Company's products by dental practitioners, the Company's ability to expand its direct sales force, the timely and effective implementation of strategic alternatives and overall economic and market conditions. Additional information concerning these and other risks are described in the Company's periodic reports it files with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2004 and its quarterly report on Form 10-Q for the quarter ended September 30, 2005. No undue reliance should be placed on forward-looking statements. Such information is subject to change, and the Company undertakes no obligation to update such statements.

Contact Information

  • For further information, please contact:

    Robert E. Grant
    President & CEO

    Richard L. Harrison
    Executive Vice President and CFO

    Scott Jorgensen
    Vice President - Business Development

    BIOLASE Technology, Inc.
    +1-949-361-1200