Biolase Technology and National Laser Technology (NLT) announced that they have resolved all the claims and counterclaims in the lawsuit filed last August by NLT regarding NLT's sale of used Biolase dental lasers.
While each company continues to deny the allegations against it, the parties have agreed to end their dispute.
In NLT's original complaint, the company alleged, among other things, that Biolase made false statements to dentists concerning NLT's sale of used Biolase lasers and refused to sell laser tips and other parts to dentists if they did business with NLT, in violation of antitrust and unfair competition laws.
Biolase filed counterclaims alleging that NLT infringed Biolase's copyrights and trademarks; made false and misleading statements on its Web site; and modified, sold, and serviced used Biolase lasers without premarket approval from the FDA, in violation of unfair competition laws.
Both companies will continue to sell their respective products, a press release stated.
In related news, Biolase reported that it received a letter on March 23, 2009, from Nasdaq stating that the company is not in compliance with the Nasdaq Global Market Marketplace minimum stockholders' equity continued listing requirement of $10 million. As of December 31, 2008, Biolase's stockholders' equity was approximately $9.4 million.
Biolase can either submit a detailed plan of compliance by April 7, 2009, advising Nasdaq of the action Biolase has taken, or plans to take, that would bring it into compliance, or the company can apply to transfer to the Nasdaq Capital Market, a continuous trading market that operates in the same manner as the Nasdaq Global Market.
If Biolase chooses to submit a plan of compliance and Nasdaq does not accept the plan, Nasdaq may then initiate delisting proceedings from the Nasdaq Global Market, at which time Biolase may appeal.
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