Wednesday, October 09, 2002 12:47:23 PM
BLAINE, Wash., Oct. 3 /PRNewswire-FirstCall/ -- GENEMAX CORP. ("the Company") (OTC Bulletin Board: GMXX, Frankfurt: GX1) announced today that it has filed a lawsuit against various broker-dealers, market makers and clearing agents involved in the continued unlawful "Naked Short Sales" of GMXX securities. Named as Defendants in the suit, filed in the U.S. District Court, for the District of Nevada, were:
KNIGHT SECURITIES, LP,
WM. V. FRANKEL & CO., INC.,
CHARLES SCHWAB COMPANY,
ICLEARING, LLC,
HERZOG HEINE GEDULD,
HILL THOMPSON MAGID, L.P.,
VFINANCE INVESTMENTS, INC.,
AMERITRADE CLEAR,
YORKTON SECURITIES,
BLACK CORPORATIONS 1-100,
DOES 1-100
The suit seeks an injunction to enjoin the unlawful "shorting" activities, and substantial damages, including punitive damages to punish Defendants for their unlawful conduct, which involves, among other things, alleged fraud, negligence, violations of securities laws, racketeering (civil RICO) and conspiracy. If the Company obtains a civil jury verdict for RICO violations, it will be entitled to treble damages from the Defendants.
It is very likely the Company will amend the suit to name additional broker-dealers, market makers and clearing agents, along with individual securities professionals, as soon as trading records can be obtained during the discovery process, or otherwise.
During the past several months, the Company had written letters to the Defendants, as well as other securities professionals involved in GMXX market activities, requesting they voluntarily cease their "Naked Short Sales." Defendants' response to the Company's request was increased "shorting" activities. Accordingly, the Company was constrained to seek legal remedies in an effort to protect the Company, its shareholders and its business from continued damages and losses caused by Defendants' unlawful conduct.
For further information:
Contact: Marcus Johnson
Phone: Toll Free (866) 872-0077 or (360) 332-7734 Fax: (360) 332-1643
Stock Exchange Information: (Symbol: OTCBB - GMXX, Symbol FWB - GX1,
WKN: 645096, ISN: US36870Q1031
Ron
KNIGHT SECURITIES, LP,
WM. V. FRANKEL & CO., INC.,
CHARLES SCHWAB COMPANY,
ICLEARING, LLC,
HERZOG HEINE GEDULD,
HILL THOMPSON MAGID, L.P.,
VFINANCE INVESTMENTS, INC.,
AMERITRADE CLEAR,
YORKTON SECURITIES,
BLACK CORPORATIONS 1-100,
DOES 1-100
The suit seeks an injunction to enjoin the unlawful "shorting" activities, and substantial damages, including punitive damages to punish Defendants for their unlawful conduct, which involves, among other things, alleged fraud, negligence, violations of securities laws, racketeering (civil RICO) and conspiracy. If the Company obtains a civil jury verdict for RICO violations, it will be entitled to treble damages from the Defendants.
It is very likely the Company will amend the suit to name additional broker-dealers, market makers and clearing agents, along with individual securities professionals, as soon as trading records can be obtained during the discovery process, or otherwise.
During the past several months, the Company had written letters to the Defendants, as well as other securities professionals involved in GMXX market activities, requesting they voluntarily cease their "Naked Short Sales." Defendants' response to the Company's request was increased "shorting" activities. Accordingly, the Company was constrained to seek legal remedies in an effort to protect the Company, its shareholders and its business from continued damages and losses caused by Defendants' unlawful conduct.
For further information:
Contact: Marcus Johnson
Phone: Toll Free (866) 872-0077 or (360) 332-7734 Fax: (360) 332-1643
Stock Exchange Information: (Symbol: OTCBB - GMXX, Symbol FWB - GX1,
WKN: 645096, ISN: US36870Q1031
Ron
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