Class Action Suit Filed Against Premier Laser Systems Inc. and Its Officers and Directors Alleging Misrepresentations and False Financial Statements.SAN DIEGO--(BUSINESS WIRE)--June 23, 1998--A class action has been commenced 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 on behalf of purchasers of Premier Laser Systems Inc. ("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) publicly traded securities, including Premier's common stock and Class A and B warrants, and publicly traded options to purchase Premier common stock during the period May 7, 1997 to April 15, 1998 (the "Class Period"). The complaint charges Premier with violations of the Securities Exchange Act of 1934. The complaint alleges that in the spring of 1997, Premier and its top insiders were poised, upon the May 7, 1997 FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval for Premier's new 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 , known as the Centauri Er:YAG YAG n. A hard synthetic yttrium aluminum garnet used in laser technology and as a gemstone. [y(ttrium) + a(luminum) + g(arnet)1.] , to remove tooth decay Tooth Decay Definition Tooth decay, which is also called dental cavities or dental caries, is the destruction of the outer surface (enamel) of a tooth. , to launch a massive nationwide public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most campaign trumpeting FDA approval of what they would claim was a revolutionary new product which would permit pain-free dentistry, indicating that sales of this product during Premier's F98 to end March 31, 1998, would cause Premier's revenues to skyrocket to more than $40 million per year enabling it to reach profitability and lead to sustained significant profitable growth for Premier. Premier's stock skyrocketed from $6-1/2 on May 6, 1997 to more than $16 on May 9, 1997. On April 15, 1998, Premier was forced to admit that Henry Schein Inc., a large, well-known medical products distributor, had refused to accept or pay for millions of dollars worth of Premier's new dental laser products. Premier admitted that it would restate its 3rdQ F98 results to reduce its previously reported revenues which would result in a large loss for the 3rdQ F98, not the profit previously reported, and that, due to poor sales levels of the new laser, Premier would suffer a large loss in the 4thQ as well. Upon these revelations, Premier's stock fell to $5. Plaintiffs seek to recover damages on behalf of all purchasers of Premier publicly traded securities, including Premier's common stock and Class A and B warrants, and publicly traded options to purchase Premier common stock during the Class Period (the "Class"). They are represented by several law firms, including Milberg Weiss Bershad Hynes & Lerach LLP LLP - Lower Layer Protocol , who have expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Milberg Weiss has been actively engaged in commercial litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , emphasizing securities and antitrust class actions, for more than 20 years. The firm has offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , San Diego, San Francisco and Los Angeles and is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion. Visit the firm's Web site at http://www.milberg.com. If you are a member of the Class described above, you may, no later than 60 days from May 4, 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, please contact plaintiffs' counsel, William Lerach, Alan Schulman or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at wsl@mwbhl.com.
CONTACT: Milberg Weiss Bershad Hynes & Lerach LLP
William S. Lerach, 800/449-4900
wsl@mwbhl.com
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