Probable phosphatase (Probable). Inhibits growth possibly by negatively regulating Src64B-induced growth (PubMed:23577193). Regulates central nervous system circuit formation and stabilization of synapse-dense terminal arbors (PubMed:31048465). In dorsocentral neurons, regulates synaptogenesis in terminal arbors via modulation of the insulin receptor pathway, likely upstream of Akt1, and via reduction of PtdIns(4,5)P2 (Phosphatidylinositol 4,5-bisphosphate) levels (PubMed:31048465). In the nervous system, plays a protective role together with uex in response to olfactory carbon dioxide stimulation (PubMed:31404830). H2O + O-phospho-L-tyrosyl-[protein] = L-tyrosyl-[protein] + phosphate Homotrimer (By similarity). Interacts with uex, possibly at the plasma membrane (PubMed:31404830). During embryogenesis localizes to cytoplasmic compartments from 1 to 14 hours after egg laying, thereafter becomes associated with the plasma membrane (PubMed:23577193). Localizes to contralateral axon collaterals of dorsocentral neurons (PubMed:31048465). Expressed in the adult head (at protein level) (PubMed:31404830). Expressed in neurons in the antennal lobe and V-glomeruli (at protein level) (PubMed:31404830). Expressed in dorsocentral neurons (at protein level) (PubMed:31048465). Expressed ubiquitously during embryogenesis and larval development (at protein level) (PubMed:23577193). Expressed in wing disks and developing eyes in both actively dividing cells (anterior to the morphogenetic furrow) and differentiated cells (posterior to the morphogenetic furrow) (at protein level) (PubMed:23577193). Viable (PubMed:31404830, PubMed:31048465). Results in delayed hatching, locomotor defects and inability to fly (PubMed:31048465). Results in defects in axonal target areas in several central nervous system circuits (PubMed:31048465). Results in axonal and synapses defects in two distinct brain neuropils in the antennal lobes and mushroom bodies, respectively related to olfaction and olfaction-associated learning (PubMed:31048465). Reduces size of the central nervous system neuropil (a region of densely packed axons, dendrites, and synapses) (PubMed:31048465). When exposed to high concentration of carbon dioxide treatment results in a vertical held-up wing phenotype with calcium hyperactivation of neurons in the antennal lobe (PubMed:31404830, PubMed:31048465). Results in loss of synaptic arborizations from the contralateral mechanosensory neuron axon collateral with no defect in morphology (PubMed:31048465). RNAi-mediated knockdown in mechanosensory neurons eliminates terminal arbors and reduces numbers of synapses in the contralateral projecting axon collateral (PubMed:31048465). Compartment-specific localization and function depends on long untranslated sequences (UTR) in the PRL-1 mRNA. Belongs to the protein-tyrosine phosphatase family. Truncated N-terminus.