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
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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
(310) 204-1910
SOURCE: Signalife, Inc.
