[Renee]

HRTT: The U.S. District Court for the Central District of California yesterday evening issued a final judgment against former professional football player Willie Gault, who served as co-CEO of Heart Tronics, Inc. in 2008. After a two-week trial in March 2015, a jury found Gault liable for taking part in a securities fraud scheme, knowingly circumventing Heart Tronics' internal accounting controls, and making false CEO certifications in a public filing with the Commission.

The court ordered Gault to pay $101,000 in disgorgement, $27,570 in prejudgment interest, and $78,000 in civil penalties, for a total of $206,570. The court also imposed permanent injunctive relief against Gault, including an equitable bar against acting as an officer or director of any public company until Gault affirmatively demonstrates that "he has made himself knowledgeable of the requirements of the securities laws imposed on officers and directors" and "otherwise become competent and fit to serve as an officer or director." Gault is also enjoined from committing future violations of Section 17(a)(3) of the Securities Act of 1933, Section 13(b)(5) of the Securities Exchange Act of 1934, and Rule 13a-14 of the Exchange Act.

The jury had found Gault liable for his knowing or negligent involvement in a fraudulent scheme that misappropriated funds from an investor in Heart Tronics. While acting as a CEO, Gault transferred $101,000 of investor funds to a private brokerage account that he controlled, after which the funds were lost by Gault in stock trading that the company never authorized. Additionally, Gault was found liable, as CEO, for knowingly circumventing or failing to implement internal accounting controls at Heart Tronics, and for filing a Form 10-Q with the SEC in 2008 that made false Sarbanes-Oxley certifications.

The other defendants charged in this matter had previously settled with the Commission or been found liable as a matter of law by the court by summary judgment.

The trial team from the Commission consisted of trial attorneys Kenneth Donnelly, Derek Bentsen, Melissa Armstrong, and investigative attorneys from the Division of Enforcement, Adam Eisner, Rachel Nonaka and Ashley Dolan.

https://www.sec.gov/litigation/litreleases/2016/lr23522.htm

[Renee]

HRTT: SEC Wins Summary Judgment Against Mitchell J. Stein for Heart Tronics, Inc. Fraud Scheme.

http://www.sec.gov/litigation/litreleases/2015/lr23205.htm

[Renee]

HRTT: SEC Settles Fraud Charges Against Former Heart Tronics CEO and Former Registered Representative.

http://www.sec.gov/litigation/litreleases/2014/lr23081.htm

[Renee]

HRTT SEC Litigation:

http://www.sec.gov/litigation/litreleases/2012/lr22440.htm

U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22440 / August 8, 2012
Securities and Exchange Commission v. Heart Tronics, Inc., et al., 11-cv-01962 (C.D. Cal.)
The Securities and Exchange Commission announced today that Martin B. Carter and Ryan A. Rauch have agreed to settle charges brought against them in SEC v. Heart Tronics, Inc., et al. The complaint alleged that Heart Tronics repeatedly announced millions of dollars in fraudulent sales orders for its heart monitoring device between 2006 and 2008 when, in fact, the company never had viable sales orders from actual customers. Carter fabricated numerous documents to support the false disclosures, and also arranged to ship products to a friend to create the illusion that the company was delivering its product to a bona fide customer. The Commission's complaint also alleged that Rauch solicited numerous investors to buy Heart Tronics stock but failed to disclose that he was being paid by Heart Tronics in exchange for promoting the company.

On October 5, 2011, Carter pled guilty to one criminal count of conspiracy to commit mail fraud, wire fraud and obstruction of justice based on his creation of fake sales orders and other documents for Heart Tronics and providing false and misleading information to Commission staff during the investigation. To settle the Commission's civil charges, Carter has consented to the entry of a final judgment permanently enjoining him from violating Sections 5(a) and (c) , 17(a)(1) and 17(a)(3) of the Securities Act of 1933 (Securities Act); Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 (Exchange Act); and Exchange Act Rules 10b-5(a), 10b-5(c) and 13b2-1; and aiding and abetting violations of Sections 10(b), 13(a) and 13(b)(2)(A) of the Exchange Act and Exchange Act Rules 10b-5(a), 10b-5(c), 12b-20, 13a-1, 13a-11, and 13a-13. In addition, Carter has agreed to a permanent penny stock bar pursuant to Section 20(g) of the Securities Act and Section 21(d)(6) of the Exchange Act. Carter's proposed judgment, which is subject to court approval, will not impose disgorgement or penalties based on Carter's sworn financial condition.

Rauch has consented, without admitting or denying the Commission's allegations, to the entry of a final judgment that permanently enjoins him from violating Section 17(b) of the Securities Act, imposes a three-year penny stock bar pursuant to Section 20(g) of the Securities Act, and orders him to pay $15,000 of disgorgement plus prejudgment interest of $2,789.04 and a civil penalty of $20,000. The proposed judgment is subject to court approval.

On December 20, 2011, the Commission filed a civil enforcement action in federal district court in the Central District of California alleging that Heart Tronics, Inc. (formerly known as Signalife, Inc. and Recom Managed Systems, Inc.), and several individuals associated with the Company, engaged in a wide-ranging series of frauds, including the repeated announcement of fictitious sales orders in Heart Tronics' SEC filings, press releases and other public broadcasts. The fraud schemes were masterminded by Mitchell J. Stein, the purported outside counsel to Heart Tronics and the husband of Heart Tronics' majority shareholder. From at least December 2005 through September 2008, while he was leading a campaign of public misinformation to drive up the price of Heart Tronics' stock, Mitchell Stein continuously directed the sale of his and his wife's Heart Tronics stock through a series of trusts and other nominee accounts for a net profit of more than $5.8 million. On December 13, 2011, a grand jury indicted Stein on 14 criminal counts of conspiracy to commit mail and wire fraud; mail fraud; wire fraud; securities fraud; money laundering; and conspiracy to obstruct justice. The Commission's civil action against the remaining defendants, including Stein, Heart Tronics' co-CEOs Willie Gault and Rowland Perkins, and former stock broker Mark Nevdahl, is stayed until the conclusion of the criminal case against Stein.

For further information, see Litigation Release No. 22204 (December 20, 2011).

http://www.sec.gov/litigation/litreleases/2011/lr22204.htm

[Rustler]

Yet, the Notice says nothing of HRTT and DTCC's Chill List. Further, the notice is from DTCC cashiering, not the DTCC enforcement division. Indeed, the notice simply states that the NSCC (National Securities Clearing Corporation) - NOT the DTCC - has exited its position from the CNS (Continuous Net Settlement System) pertaining to the CUSIP (Committee on Uniform Securities Identification Procedures) number associated with HRTT. Thus, trades involving HRTT will now occur trade for trade.

The DTCC Chill List includes those securities on which the DTCC - not the NSCC - notices and places a global lock. "Occasionally, DTCC may need to 'chill' certain transactions such as deposits, withdrawalsby-transfers (WTs), deliver orders (DOs), or restrict all these services (commonly referred to as a 'global lock') for operational, risk management or regulatory and compliance reasons." (DTCC Imporant Notice to all DTC and NSCC Participants, March 10, 2010.) The subject notice DOES NOT contain any mandate by the DTCC regarding placing HRTT on global lock, i.e., the "DTCC Chill List."

[sidedraft]

I'd call it a chill:

http://www.dtcc.com/downloads/legal/imp_notices/2010/dtcc/z0025.pdf

http://www.investopedia.com/terms/c/chill.asp

[Rustler]

SOME say this means HRTT is on the DTCC Chill List. I think not. But what say you?

[sidedraft]

Today's list of DTCC trade for trade designation:

CUSIP DESCRIPTION
826479107 Sierra Resource Group, Inc. SIRG
049838204 Attitude Drinks Inc. ATTD
45685T202 Infrax Systems, Inc. IFXY
59484E100 Micro Imaging Technology, Inc. MMTC
852345107 Stadium Entertainment Holdings, Inc. SEHI
314294109 Feel Golf Company, Inc. FEEL
000944207 AER Energy Resources, Inc. AERN
42234M101 Heart Tronics, Inc. HRTT

http://www.dtcc.com/downloads/legal/imp_notices/2012/nscc/a7349.pdf

[SevenTenEleven]

HRTT - SEC accuses Willie Gault of fraud in Heart Tronics case

Former NFL player Willie Gault and five other men are accused by the SEC of fraudulently inflating the stock of Heart Tronics, a Studio City medical products company.


By Walter Hamilton, Los Angeles Times

December 21, 2011

Former professional football player Willie Gault spent his NFL career evading opponents' defenses. Now he's facing the Securities and Exchange Commission.

Gault and five other men, including Rowland Perkins, a co-founder of Creative Artists Agency, were accused by the SEC of fraudulently inflating the stock of a Studio City medical products company.

The company, Heart Tronics, claimed to have received millions of dollars in orders for its Fidelity 100 heart-monitoring device but had no actual customers, according to the SEC.

In its complaint filed Tuesday, the agency said Heart Tronics was secretly controlled by Mitchell J. Stein, an attorney from Hidden Hills who went to great lengths to tout the stock.

Among tactics to deceive company auditors, the SEC said, Stein had another defendant fly to Japan for a day to mail a letter from a fictitious customer. Stein reaped nearly $8 million through secret sales of Heart Tronics shares, the agency said.

Jared Scharf, an attorney for Gault, Perkins and Heart Tronics, said the company and the two men would fight the SEC allegations. Heart Tronics has a "breakthrough medical device" that Gault and Perkins believe "will save tens of thousands of lives and tens of millions of dollars in medical expenses," Scharf said.

Stein could not be reached for comment. He pleaded not guilty after being arrested in a parallel criminal investigation, the SEC said.

In its complaint, the agency said Stein installed Gault, a onetime Olympian and Super Bowl-winning wide receiver for the 1985 Chicago Bears, as a "figurehead" chief executive to draw on his celebrity.

"Stein took advantage of Gault's celebrity to further prop up the image of Heart Tronics as a successful enterprise," Stephen L. Cohen, the SEC's associate enforcement director, said in a statement.

"Stein secretly sold millions of dollars in stock while peddling false claims of Heart Tronics' lucrative sales orders, and has been living the high life off his illicit proceeds with multiple homes, exotic cars and private jets," Cohen said.

Despite being co-CEOs, Gault and Perkins "rarely questioned" the specifics of Heart Tronics' operations, according to the SEC complaint. Gault also defrauded an investor by diverting $150,000 intended to finance the company's operations to his personal brokerage account to trade Heart Tronics stock, the SEC alleged.

[e-mail]

http://www.latimes.com/business/fi-sec-gault-20111221,0,2424567.story?track=rss

[Penny Roger$]

$HRTT big in the news... Big Chart..

[scion]

SEC Charges California Company, Co-CEOs, and Attorney in Series of Fraudulent Schemes Pumping Company Stock

FOR IMMEDIATE RELEASE
2011-271

Washington, D.C., Dec. 20, 2011 — The Securities and Exchange Commission today charged a purported heart monitoring device company and six individuals involved in a series of fraudulent schemes to artificially inflate the company’s stock. Among those charged are a former pro football player, a Hollywood talent agent, and an attorney who masterminded the scheme.

Additional Materials
SEC Complaint
http://www.sec.gov/litigation/complaints/2011/comp-pr2011-271.pdf

The SEC alleges that Heart Tronics installed former pro football player Willie Gault as a figurehead co-CEO along with former Hollywood executive J. Rowland Perkins in order to generate publicity for the company and foster investor confidence. Meanwhile behind the scenes, California-based attorney Mitchell J. Stein was controlling most of the company’s business activities, hiring promoters to tout Heart Tronics stock on the Internet, and reaping nearly $8 million from secret trades that he orchestrated unbeknownst to investors.

According to the SEC’s complaint filed in federal court in Los Angeles, Gault and Perkins rarely questioned Stein’s fraudulent agenda and abdicated their fiduciary responsibilities under the Sarbanes-Oxley Act. Stein and Gault together defrauded one investor into making a substantial investment in Heart Tronics based on false representations that his money would fund the company’s operations. Instead, Stein and Gault diverted the investor’s proceeds for personal use, including the purchase of Heart Tronics stock in Gault’s personal brokerage account “Catch 83” to create the false appearance of volume and investor demand for the stock.

“Stein took advantage of Gault’s celebrity to further prop up the image of Heart Tronics as a successful enterprise,” said Stephen L. Cohen, Associate Director in the SEC’s Division of Enforcement. “Stein secretly sold millions of dollars in stock while peddling false claims of Heart Tronics’s lucrative sales orders, and has been living the high life off his illicit proceeds with multiple homes, exotic cars, and private jets.”

In addition to Heart Tronics, Stein, Gault and Perkins, the SEC charged three other individuals involved in the scheme, including Stein’s chauffer and handyman Martin B. Carter of Boca Raton, Fla., who carried out the fraud with him. The SEC also charged stock promoter Ryan A. Rauch of San Clemente, Calif., as well as Mark C. Nevdahl of Spokane, Wash., who was the trustee and stockbroker for a number of nominee accounts that Stein used to unlawfully sell Heart Tronics stock.

In a parallel criminal investigation, the U.S. Department of Justice today announced the arrest of Stein.

According to the SEC’s complaint, Heart Tronics was known as “Signalife” during most of the scheme’s time period from December 2005 to December 2008. Heart Tronics common stock was formerly listed on the American Stock Exchange but is now quoted on the OTC Link under the symbol HRTT.PK.

The SEC alleges that Heart Tronics fraudulently and repeatedly announced millions of dollars in sales orders for its product between 2006 and 2008 when, in fact, the company never had viable sales orders from actual customers. Stein and Carter fabricated numerous documents to support the false disclosures to the public, going so far as to have Carter make a one-day round-trip to Japan at Stein’s direction to mail back a letter from a fictitious customer in order to deceive management, disclosure counsel, and auditors. They also arranged to ship products to one of Carter’s friends to create the illusion that the company was delivering a heart monitoring device to a bona fide customer. Stein also profited by causing Heart Tronics to unlawfully pay Carter approximately $2 million in cash and Heart Tronics stock in a sham consulting agreement, and Carter paid nearly all of the proceeds back to Stein in the form of a kickback.

The SEC alleges that Stein hired Rauch to solicit numerous investment advisers, retail and institutional brokers, and other investors to buy Heart Tronics stock. Rauch failed to disclose that he was being paid by Heart Tronics in exchange for promoting company stock to investors. While Stein was orchestrating his campaign of misinformation and other schemes designed to inflate Heart Tronics’ stock price, his wife as the company’s majority shareholder directed the sale of more than $5.8 million worth of Heart Tronics stock while failing to disclose the sales as required under federal securities laws.

According to the SEC’s complaint, Stein enlisted Nevdahl to act as trustee for a number of purportedly blind trusts to create the façade that the shares were under the control of an independent trustee. The trusts were blind in name only, and Nevdahl met Stein and his wife’s regular demands for cash by continually selling Heart Tronics stock though the trusts.

The SEC’s complaint charges the defendants with various violations of the federal securities laws and seeks disgorgement of ill-gotten gains with prejudgment interest financial penalties and permanent injunctive relief. The SEC seeks permanent officer-and-director bars and penny stock bars against Stein, Gault, and Perkins as well as a permanent penny stock bar against Carter and Rauch. The SEC’s complaint also seeks the return of ill-gotten gains from nine relief defendants including Stein’s wife Tracey Hampton-Stein and her company ARC Finance Group LLC, which is the majority shareholder of Heart Tronics.

The SEC’s investigation was conducted by Adam Eisner and Rachel Nonaka under the supervision of Charles Cain. The SEC’s litigation will be headed by Mark Lanpher. The SEC acknowledges the assistance of the U.S. Department of Justice’s Fraud Section and the U.S. Postal Inspection Service.

# # #

For more information about this enforcement action, contact:

Stephen L. Cohen
Associate Director, SEC Division of Enforcement
[phone]

Charles E. Cain
Assistant Director, SEC Division of Enforcement
[phone]



http://www.sec.gov/news/press/2011/2011-271.htm

[David1972]

Where is everyone ??

[David1972]

Is anything going to happen with this or is it done

[David1972]

I have had a few shares of this for awhile hoping for the best !

[David1972]

Is this going up anytime soon ??

[ScovilleUnits]

Legend Willie Gault Becomes Signalife's Co-CEO; Company Changing Name to HeartTronics, Inc.

Monday , November 10, 2008 16:24ET

LOS ANGELES, CALIFORNIA -- (Marketwire) -- 11/10/08 -- Signalife, Inc. (OTCBB: SGAL) announced today that Willie Gault - whose passion has led to the formation of Athletes for Life - the non-profit charity who sponsored heart screenings at which the lives of patients across the country have been saved, including 16-year old high school athlete Josh Nails - has been appointed co-CEO of the Company to handle all operations. On behalf of investors as well as individually, Mr. Gault has achieved numerous large mergers and acquisitions in various industries throughout the 50-United States, and manages these investment interests for a vast array of clients nationally and internationally. Prior to that, Mr. Gault was a member of the Super Bowl Champion Chicago Bears and has set and broken numerous track and field records over what now spans a 30-year athletic career.

The Company also announced that it is changing its name and marks, commensurate with the extensive screenings and Company peer supervision now being done to assist in the eradication of sudden heart attack and late stage heart disease. The new corporate name will be HeartTronics, Inc. and the new logo shall be available for viewing on the Company's website later this week. The name of the Company will be formally changed to HeartTronics, Inc. with the State of Delaware 20 days after the Company mails an information circular to its shareholders. The trading symbol and CUSIP number for the Company's stock will be concurrently changed, with the OTCBB designating the new trading symbol on the day the name change is effectuated with the Delaware Secretary of State. The Company will provide additional information on the effective date of the name change and new trading symbol and CUSIP number concurrent with the designation of a new trading symbol by the OTCBB.

Rowland Perkins, the Company's co-CEO for Administrative matters, commented: "I have never met a person besides Willie Gault who has the energy and passion toward this worthy cause of stopping the ravage of sudden cardiac death and late stage heart disease. As we have now learned, the Fidelity 100 is the only device capable of detecting the full bandwidth of pathology recommended by the American Heart Association. I am pleased that Willie has now come aboard to increase the screenings nationwide and to make them available not only to the poor (through AFL) but to affluent communities as well. Heart disease does not distinguish. It kills our citizens irrespective of socio-economic bracket, race or gender."

Mr. Gault's initial salary shall be $1.00 per annum, until the Company is profitable. (my 2-cents input...ROFLMAO!!!)

Mr. Gault also commented: "I am honored to take on this position. Every person deserves not to die suddenly. In no other disease state can it be said that "this disease can kill instantly." The exception is stroke, however, even that can be prevented by good comprehensive physician-screenings. My goal as HeartTronics' Operational CEO is to bring our abilities and technologies to all communities - affluent and (through AFL) impoverished alike. With physician's use of our Fidelity 100 heart monitor, I have seen with my own eyes and felt with my own heart the phenomenon of a life being saved. It means something to me, because my best friends - from Reggie White to Todd Bell - died at the hands of the same evil fate. Now it is time to get on with helping all of our citizenry, and in stopping disinformation from the health care community to the effect that everything is "alright," when the costs for heart disease are increasing another $50 billion this year according to the United States Government (now a staggering $450 billion spent in the United States alone, much of which is paid by Medicare). I am working closely with the public, private and philanthropic sectors to put a stop to the nonsense."

"There are lots of heart devices out there, from arrhythmia machines to CT scans. They do nothing to provide a comprehensive screening nor to lessen the cost-and-life impact of this disease. The other devices do not even claim to assist in the problem, and that is why the figures increase by tens of billions of dollars per year. These numbers are being paid out by our federal and state governments, and by the American population. I can guarantee everybody that the governments are "on to it" and actual prevention will be the wave of the future. The Fidelity 100 weighs a few pounds and is the only device capable of testing across the full range of disease-states, and in ambulatory settings as well. Please get ready when our screenings come to a hospital or facility near you."

About HeartTronics, Inc.

HeartTronics, Inc. is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. The Company uses its patented signal technology to design and develop medical devices - two of which are FDA-cleared - as well as therapies and/or technologies that simplify and reduce the costs of cardiovascular disease.

HeartTronics, Inc. is publicly traded OTC Bulletin Board and the Pink Sheets under the symbol SGAL. The website for the company is http://www.HeartTronics.com. Clear Data. Trusted Results.

Caution Regarding Forward-Looking Statements

http://www.knobias.com/story.htm?eid=3.1.f710a3dcc6cccfac3121cfe4cbbe2f2bf38711bb3cc055d3ed69551df9a7549c

[TechKim]

I resigned as Moderator. I have not owned shares for some time now. I lost investor trust confidence some numerous months ago.

[TechKim]

Peter Strojnik, P.C. Files First Amended Complaint Alleging Signalife, Inc. Engaged in Mass Broadcasting of Junk Faxes to Promote Its Stock; Signalife Loses Strojnik Lawsuit

Wednesday, November 05, 2008 12:30ET

PHOENIX, Nov 05, 2008 (BUSINESS WIRE) -- On October 7, 2008, Peter Strojnik, P.C. filed a first amended complaint in its proposed class action lawsuit against Signalife, Inc. in the United States District Court for the District of Arizona, case number 2:08-cv-1116, alleging the medical supply company engaged in a mass-broadcast of junk faxes to promote its stock.

President and CEO of Peter Strojnik, P.C., Peter Strojnik, opined that Signalife certainly has a motive to pump up the price of their stock. The Complaint alleges "Signalife had a net loss for the six months ending June 20, 2008 in the amount of $8,826,795.00." Mr. Strojnik added, "Signalife admitted in a recent Form 10Q that they had no revenues from product sales during the first half of 2008." Indeed, the Complaint alleges "Signalife has no sales revenues and admits ... that its inability to generate revenues could cause it to go out of business."

Signalife has not gone out of business, but they have been delisted from the American Stock Exchange. In fact, Signalife recently affected a 4500 for 1 reverse stock split and started trading on the OTCBB and Pink Sheets.

Mr. Strojnik explained that the Telephone Consumer Protection Act awards damages at a minimum of $500 for each unsolicited fax. The proposed class action lawsuit against Signalife and others alleges Defendants broadcasted between approximately 12 million to 16 million unsolicited faxes.

In what Mr. Strojnik opined was a defense tactic, Signalife, Inc. filed a Complaint for Declaratory Relief against Peter Strojnik, P.C. in Los Angeles. Signalife sought a decree that it did not violate the TCPA. After several months of argument and deliberations, Orange County Superior Court dismissed the case.

Peter Strojnik, P.C.'s proposed class action lawsuit alleges that "The purpose of the Unsolicited Fax was to manipulate SGN stock or any publicly traded Signalife stock in the securities market." Mr. Strojnik opined, "Signalife cannot be allowed to violate federal law without redress for the regular people who receive these annoying faxes." Paraphrasing the allegations of the Complaint, Mr. Strojnik stated, "In my opinion, Signalife or its insiders hired a third party fax blaster to broadcast millions of faxes promoting its stock." Indeed, Signalife admits in its most recent Form 10Q that they are "in discussions with a number of large third party marketing and distribution partners with the manpower and financial resources to more quickly and aggressively promote [its] products."

Other defendants in the class action lawsuit include Digitalspeed Communications, Inc. and Adam Harris Pasternack.

For more information, please contact Peter Strojnik at [e-mail] or at [phone].

SOURCE: Peter Strojnik, P.C.

Peter Strojnik, P.C.
Peter Strojnik, 602-524-6602
[e-mail]

Copyright Business Wire 2008

[TechKim]

I DO NOT OWN ANY SHARES. PLEASE READ THE RECENT LAWSUIT NEWS RELEASE.

[ScovilleUnits]

#146 **SGN Weekly Annotated Chart** $tock Weazel

(updated symbol from SGN)

What's that 100-day moving average...$4,045.45?

[ScovilleUnits]

Junk Faxes to Promote Stock; Signalife Loses Lawsuit

http://www.knobias.com/story.htm?eid=3.1.f275d1b75a8b45267c5519ae04a78b714e97f420528599f5ebdbe706f2dfd505

Peter Strojnik, P.C. Files First Amended Complaint Alleging Signalife, Inc. Engaged in Mass Broadcasting of Junk Faxes to Promote Its Stock; Signalife Loses Strojnik Lawsuit

Wednesday, November 05, 2008 12:30ET

PHOENIX, Nov 05, 2008 (BUSINESS WIRE) -- On October 7, 2008, Peter Strojnik, P.C. filed a first amended complaint in its proposed class action lawsuit against Signalife, Inc. in the United States District Court for the District of Arizona, case number 2:08-cv-1116, alleging the medical supply company engaged in a mass-broadcast of junk faxes to promote its stock.

President and CEO of Peter Strojnik, P.C., Peter Strojnik, opined that Signalife certainly has a motive to pump up the price of their stock. The Complaint alleges "Signalife had a net loss for the six months ending June 20, 2008 in the amount of $8,826,795.00." Mr. Strojnik added, "Signalife admitted in a recent Form 10Q that they had no revenues from product sales during the first half of 2008." Indeed, the Complaint alleges "Signalife has no sales revenues and admits ... that its inability to generate revenues could cause it to go out of business."

Signalife has not gone out of business, but they have been delisted from the American Stock Exchange. In fact, Signalife recently affected a 4500 for 1 reverse stock split and started trading on the OTCBB and Pink Sheets.

Mr. Strojnik explained that the Telephone Consumer Protection Act awards damages at a minimum of $500 for each unsolicited fax. The proposed class action lawsuit against Signalife and others alleges Defendants broadcasted between approximately 12 million to 16 million unsolicited faxes.

In what Mr. Strojnik opined was a defense tactic, Signalife, Inc. filed a Complaint for Declaratory Relief against Peter Strojnik, P.C. in Los Angeles. Signalife sought a decree that it did not violate the TCPA. After several months of argument and deliberations, Orange County Superior Court dismissed the case.

Peter Strojnik, P.C.'s proposed class action lawsuit alleges that "The purpose of the Unsolicited Fax was to manipulate SGN stock or any publicly traded Signalife stock in the securities market." Mr. Strojnik opined, "Signalife cannot be allowed to violate federal law without redress for the regular people who receive these annoying faxes." Paraphrasing the allegations of the Complaint, Mr. Strojnik stated, "In my opinion, Signalife or its insiders hired a third party fax blaster to broadcast millions of faxes promoting its stock." Indeed, Signalife admits in its most recent Form 10Q that they are "in discussions with a number of large third party marketing and distribution partners with the manpower and financial resources to more quickly and aggressively promote [its] products."

Other defendants in the class action lawsuit include Digitalspeed Communications, Inc. and Adam Harris Pasternack.

For more information, please contact Peter Strojnik at [e-mail] or at [phone].

SOURCE: Peter Strojnik, P.C.

Peter Strojnik, P.C.
Peter Strojnik, 602-524-6602
[e-mail]

Copyright Business Wire 2008

[TechKim]

Monday, September 15, 2008 at 11:00 a.m., Pacific Coast Time

Proxy vote form:
PROPOSAL NO. 2: INCREASE AUTHORIZED CAPITALIZATION

To amend our certificate of incorporation to increase our authorized number of common shares to 300,000,000 and our authorized number of preferred shares to 30,000,000.
http://sec.gov/Archives/edgar/data/810365/000081036508000026/sgnproxystatement2008def3fin.htm

but today a notice is giving for a reverse split
Without a proxy vote I take it and immediately after there is an authorized increase in shares.

LOS ANGELES, Sept. 10 /PRNewswire-FirstCall/ -- Signalife, Inc. (Amex: SGN - News) announced that the company's board of directors has approved a consolidation of the company's common stock to be effected in the form of a reverse stock split which will be effected as of 4:30 p.m. EST on September 19, 2008, which will be the record date and time for the reverse stock split. As of such date and time of such reverse stock split, all outstanding shares of Signalife common stock will be consolidated into such number of shares as would result in a $45.00 per share stock price based upon the closing price for the common stock as of the record date.

http://biz.yahoo.com/prnews/080910/nyw068.html?.v=101

I am a bit puzzled myself!

[Aufan 1983]

You are 100% on target...lol and I bought today not knowing that...rofl
At the current level of .05 it will be a 900-1 r/s which doesn't sound that bad but everyone knows what happens next. The trading will slow to a snails pace with a huge spread between bid and ask followed by company dilution.

No need for me to hang around. Plan to sell tomorrow morning

[ScovilleUnits]

A R/S to $45.00/share from $.04/share ?

I must be reading this wrong

http://www.knobias.com/story.htm?eid=3.1.b9446c11616b3719bfa003b9d472a4a34cc8a494691bcb44f8b4da791c9c2bfa


Signalife Announces Reverse Stock Split, Preferred Stock Dividend and $5 Million Investment

Wednesday, September 10, 2008 09:15ET

LOS ANGELES, Sept. 10 /PRNewswire-FirstCall/ -- Signalife, Inc. (Amex: SGN) announced that the company's board of directors has approved a consolidation of the company's common stock to be effected in the form of a reverse stock split which will be effected as of 4:30 p.m. EST on September 19, 2008, which will be the record date and time for the reverse stock split. As of such date and time of such reverse stock split, all outstanding shares of Signalife common stock will be consolidated into such number of shares as would result in a $45.00 per share stock price based upon the closing price for the common stock as of the record date. The reverse stock split will be structured in the form of a mandatory share exchange, meaning that each shareholder will be required to first exchange his or her certificate with the company's stock transfer agent in order to change title incident to any sale or other transaction. The exchange of common shares beneficially held in street name (i.e., through a broker-dealer) will most likely be effected through the Depository Trust Corporation without the necessity of the beneficial holder submitting his or her shares for exchange. Shares held directly in the name of the shareholder or other than in street name (such as in the case of the company's principal shareholder, ARC Finance Group, LLC), will need to be exchanged by the shareholder of record with the company's stock transfer agent. Should any shareholder have any questions relating to the mechanics of the mandatory share exchange, he or she should contact Signalife's stock transfer agent, Standard Registrar and Transfer Company, Inc., 12528 South 1840 East Draper, Utah 84020, Tel: [phone], Fax: [phone], and e-mail: [e-mail].

[TechKim]

Signalife Announces Anticipated Date of Transition to OTCBB
Monday September 8, 10:09 am ET


LOS ANGELES, Sept. 8 /PRNewswire-FirstCall/ -- Signalife, Inc. (Amex: SGN - News) announced that it has filed its Form 25 with the Securities and Exchange Commission effecting the withdrawal of trading of its common stock on the American Stock Exchange ("AMEX"). The last day that Signalife's common stock will trade on AMEX will be Friday, September 12, 2008. Signalife expects that the company's common stock will be available for quotation on both the Over-The-Counter Bulletin Board and the Pink Sheets commencing upon the opening of market on Monday, September 15, 2008. Pursuant to OTCBB policy, it will assign a new trading symbol for Signalife's common stock following the close of trading on AMEX on Friday, September 12, 2008. Signalife will publicly announce the new trading symbol promptly upon receipt from the OTCBB.


About Signalife

Signalife, Inc. is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. Signalife uses its patented signal technology to design and develop medical devices, therapies and/or technologies that simplify and reduce the costs of cardiovascular disease. More information is located at www.signalife.com. Clear Data. Trusted Results.

Caution Regarding Forward-Looking Statements

Statements in this release that are not strictly historical are "forward- looking" statements. Forward-looking statements involve known and unknown risks, which may cause the companies' actual results in the future to differ materially from expected results. Factors which could cause or contribute to such differences include, but are not limited to, the failure of Signalife's market maker to complete or timely complete the process of qualifying the shares for quotation on the OTCBB, failure to complete the development and introduction of heart monitoring and other biomedical devices incorporating the companies' technology and procure market acceptance for these products, failure to obtain federal or state or governmental or international regulatory approvals governing heart monitoring and other biomedical devices incorporating the technology, failure to obtain import and export capabilities in the various countries containing buyers and resellers and hospitals and clinics and doctors for the devices, inability to obtain physician, patient or insurance acceptance of or for heart monitoring and other biomedical incorporating of the technologies, and the unavailability of financing to complete management's plans and objectives, including the development of heart monitoring and other biomedical and information solutions incorporating the companies' technologies. These risks are qualified in their entirety by cautionary language and risk factors set forth and to be further described in Signalife's filings with the Securities and Exchange Commission.




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Source: Signalife, Inc.

[McMook]

B/c you made me feel special:)

Mook

[TechKim]

The stock appears to be a problem for now. But as a company, it could be marketing and doing well.

[kittycattttt]

SGN is junk huuu?

[TechKim]

A similarity exist of bandit manipulation! The hijackers have not let go! They drowntheir victims with lies of pleasure.

[kittycattttt]

Ameritrade shows .98? WTF

[kittycattttt]

Yahoo showing .15 after hours

[kittycattttt]

Been waitin all day 4 this news! Lets hope this thing goes up, gotta go c you later on today! SGN gooooooo!

[TikiGal]

Hot off the wire. FWIW! Interesting soap opera going on here. Hope the shareholders come out the winners on this one.

Signalife Sues Vianale & Vianale and Twelve Brokerage Houses for Injunctive Relief Against Naked Short Selling and Market Manipulation
4 minutes ago - Market Wire

Related Companies
Symbol Last %Chg
SGN 0.0421 -29.72%

As of 2:10 PM ET 9/3/08
Signalife, Inc. (AMEX: SGN) has sued Kenneth and Julie Vianale, as well as twelve of the nation's largest brokerage houses (State of California Superior Court for the County of Los Angeles, Case No. BC397448), for conspiracy to knowingly violate the federal securities laws. The Securities and Exchange Commission has released data that the April selling of Signalife securities was not "a sell off" (as claimed by certain of the defendants) but a planned naked bear attack determined to coincide with a web cast at which the bona fides of the device were not discussed at all. In addition to the alleged unlawful taking of stock of Signalife's corporate treasury in connection with naked shorting, the illegal actions have also resulted in injuries caused to persons who have not been given access to the Companies' revolutionary technologies as a consequence of the adverse impact on the company resulting from those actions. The lawsuit also alleges that, nonetheless, numerous lives have been saved through the use of the Company's Fidelity 100 given the work that the Company has been able to do - notwithstanding the unlawful naked shortselling. The lawsuit is subject to no conditions precedent, injunctive relief is planned, and the suit will be expanded to include families who were victimized by the injurious conduct of the defendants and their leaders as alleged in the complaint.

About Signalife

Signalife, Inc. is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. Signalife uses its patented signal technology to design and develop medical devices, therapies and/or technologies that simplify and reduce the costs of cardiovascular disease.

Signalife, Inc. is traded on the American Stock Exchange under the symbol SGN. More information is located at www.signalife.com. Clear Data. Trusted Results.

Caution Regarding Forward-Looking Statements

Statements in this release that are not strictly historical are "forward- looking" statements. Forward-looking statements involve known and unknown risks, which may cause the companies' actual results in the future to differ materially from expected results. There is no guarantee that Signalife will win these lawsuits, and lawsuits involve risks. These risks are qualified in their entirety by cautionary language and risk factors set forth and to be further described in Signalife's filings with the Securities and Exchange Commission.

Contacts:
Law office of Joseph C. Maher
Joseph C. Maher II, Esq.
Litigation Counsel to Signalife
[phone]


SOURCE: Signalife, Inc.