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Candela Corporation Summary: According to a press release dated April 02, 2008, the complaint charges Candela and certain of its officers and directors with violations of the Securities Exchange Act of 1934 (the “Exchange Act”). Candela engages in the development and commercialization of laser and light-based systems that allow physicians and personal care practitioners to treat various cosmetic and medical conditions worldwide.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. According to the complaint, the true facts, which were known by defendants but concealed from the investing public, were as follows: (i) that the Company was quickly losing market share to competitors as it lacked a competitive multi-configuration/multi-application device; and (ii) that the Company had received communications from Palomar Medical Technologies, Inc. (“Palomar”) regarding the alleged infringement of Palomar’s patents by Candela, which was material information for investors as Palomar had made it a pattern and practice of suing the cosmetic laser industry for infringement and had successfully forced numerous competitors to license its technology and, at a minimum, the prospect of patent litigation presented increased costs to the Company; and (iii) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its earnings and prospects.
On August 21, 2006, after the close of the market, Candela issued a press release announcing its financial results for its fourth fiscal quarter and fiscal year 2006. For the fourth quarter, the Company reported net income of $0.10 per share – far below analysts’ earnings expectations of $0.23 per share. In response to the announcement, the price of Candela stock declined from $14.49 per share to $10.33 per share on extremely heavy trading volume.
INDUSTRY CLASSIFICATION:
SIC Code:
Sector: Healthcare
Industry: Medical Equipment & Supplies
| COMPANY/ISSUER NAME: | Candela Corporation |
| COMPANY/ISSUER TICKER: | CLZR |
| COMPANY WEBSITE: | http://www.candelalaser.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Western Pennsylvania Electrical Employees Pension Fund, et al. v. Candela Corporation, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 04/02/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 4/13/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint- Jury Trial Demanded | |||
| Case Name and/or Number: Western Pennsylvania Electrical Employees Pension Fund, et al. v. Candela Corporation, et al. | |||
| Type: Complaint | Date on the document: 4/22/2008 | ||
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