Class Action Filed Against Premier Laser.BALA CYNWYD, Pa.--(BUSINESS WIRE)--May 7, 1998--Notice is hereby given that a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax was filed in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Central District of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , on behalf of all persons who purchased the publicly traded securities of Premier Laser Systems Inc. ("Premier" or the "Company"), including Premier's common stock, Class A warrants, Class B warrants, and publicly traded options to purchase common stock, in the open market from May 5, 1997 through April 15, 1998, inclusive (the "Class Period"). The complaint charges Premier (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PLSIA) and certain of its officers and directors with issuing a series of materially false and misleading statements regarding the marketability Marketability A negotiable security is said to have good marketability if there is an active secondary market in which it can easily be resold. marketability The ease with which an investment may be bought and sold in the secondary market. and profitability of Premier's Centauri Er:Yag dental laser A dental laser is a type of laser designed specifically for use in oral surgery. In the United States, the use of lasers on the gums was first approved by the Food and Drug Administration in the early 1990s, and use on hard tissue like teeth or the bone of the mandible gained . The alleged misstatements and omissions were made in an effort to artificially raise the price of Premier common stock so that the Company could raise capital by inducing and/or forcing holders of Premier Class A and Class B warrants to exercise their conversion rights. In this fashion, the Company was able to raise an additional $36 million from unsuspecting investors who converted their warrants. Plaintiff seeks to recover damages on behalf of class members and is represented by Schiffrin Craig & Barroway, LLP LLP - Lower Layer Protocol , who has significant experience and expertise prosecuting class actions on behalf of investors and shareholders. If you are a member of the class described above, you may, not later than July 3, 1998, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Craig & Barroway, LLP (Andrew L. Barroway, Esq.) toll free at 888/299-7706 or 610/667-7706, or via e-mail at classlaw@ix.netcom.com. CONTACT: Schiffrin Craig & Barroway, LLP Andrew L. Barroway, Esq. 888/299-7706 (toll free) or 610/667-7706 e-mail at classlaw@ix.netcom.com |
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