I had the same problem. In my case (Debian 7.8)
First try calling the installer in its full path:
/home/_your_username_/.composer/vendor/bin/laravel new _your_projectname_
If it works like this, I think you have the $ PATH setting in the wrong order.
First I installed the laravel 4 installer in /usr/local/bin/laravel , following these instructions http://laravel.com/docs/4.1
Then I installed the new laravel 5 installer after the following instructions: http://laravel.com/docs/5.0
So the problem was that I used
export PATH="$PATH:~/.composer/vendor/bin"
to add binary to my $PATH , it was put at the end of the list, and the first installer was found first. Use
export PATH="~/.composer/vendor/bin:$PATH"
so it is added before /usr/local/bin/ Then it should work.
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