Class Action Lawsuit Commenced Against Paradigm Medical Industries, Inc. -- PMED

The Rosen Law Firm announced today that it has filed a class action lawsuit in the United States District Court for the District of Utah on behalf of purchasers of Paradigm Medical Industries, Inc. (NASDAQ: PMED); "Paradigm" or the "Company") publicly traded securities during the period from April 25, 2001 through May 14, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the District Court or from the Rosen Law Firm.

To join the Paradigm securities litigation as a plaintiff or for further information, please call Laurence Rosen, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or you may join the class action online at www.rosenlegal.com.

The complaint charges that Paradigm and certain of its current and former officers and directors violated Section 10b of the Securities Exchange Act of 1934 by issuing a series of materially false and misleading statements to the market beginning on April 25, 2001 and continuing through December 2002. Paradigm develops and sells laser surgical systems, including the Ocular Blood Flow Analyzer ("BFA"). The complaint alleges that Paradigm misrepresented in its Securities & Exchange Commission ("SEC") filings and in press releases that it had received authorization from the American Medical Association for a Common Procedure Terminology code facilitating insurance reimbursement to doctors for performing medical procedures with the BFA. Additionally, the complaint alleges that the Company misrepresented in a press release that it had received a $105 million purchase order, when no such purchase order existed. As a result of these misrepresentations, according to the complaint, the price of PMED securities was artificially inflated during the Class Period.

If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Laurence Rosen, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com You can also join this class action online at www.rosenlegal.com.

If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from today.

The Rosen Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.

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