Users facing the text bounding box issue can breathe a sign of relief as there is a workaround for that problem. As a temporary solution is through an extension which will correct all text objects whose blue colored bounding box has been shifted in the document.
Running this script will correct the bounding boxes for all text objects in the document affected by this bug. This correction is limited for that png file edit session only. The bug may be encountered again during future file edits where the extension script will need to be executed again.
Any CS3 text element if present inside a Group ONLY will get re-rendered on running this script. After installing this extension, you can access this script from Commands menu–>Re-sync Text
This extension will not touch any text elements containing missing fonts. The missing fonts dialog pops up when opening a png file which contains fonts not found on the system.
Thus there is no need to worry about CS3 text and missing text getting re-rendered unnecessarily on using this Extension.
Re-sync Text Bounding Box is a simple Extension which will go through each and every text element present in a png document (be it inside a page or a layer or a state) and re-align its bounding box.
The following is the screen shot of a file which got affected by this problem.
After running the extension script mentioned in the above link, the following is the state of text objects.