Nasdaq Halts Trading of Premier Laser’s Stock

Premier Laser Systems Inc. said Wednesday that Nasdaq has indefinitely halted trading in the company’s stock until it reviews information it has requested from the Irvine maker of dental and medical lasers.

The news came a day after Premier announced that its outside auditor had resigned. The accounting firm Ernst & Young said it had “serious disagreements” with Premier and took issue with the “limited scope and breadth” of an internal investigation into the company’s finances.

The investigation stemmed from a dispute with a major distributor, resulting in last month’s announcement that Premier might be forced to lower its revenue for the second half of its fiscal year ended March 31 by $7 million.

Premier’s stock, which last traded Friday at $4.19 a share, has lost more than 60% of its value since mid-March.

Premier said in a statement that it will “compile the information requested and will fully cooperate with Nasdaq in its inquiry.” Nasdaq set a June 8 deadline for Premier to reply to the request.

Nasdaq spokesman Michael Whitehouse said he couldn’t comment specifically about the information requested from Premier, but added that “it’s not unusual for Nasdaq to use that tool when no available financial information is provided.”

Such trading halts occur about 25 to 30 times a year. While they can be short-lived, Whitehouse said, they have also been known to last for several months.