NEW YORK, Sept. 17, 2008 (LAWFUEL) — On September 17, 2008,
Scott+Scott LLP filed a class action complaint against Signalife, Inc.
(“Signalife” or the “Company”) (OTCBB:SGNX) and certain officers and
directors in the U.S. District Court for the District of South
Carolina. The action is brought on behalf of those purchasing Signalife
common stock during the period beginning January 29, 2004 through April
14, 2008, inclusive (the “Class Period”), for violations of the
Securities Exchange Act of 1934.
If you purchased Signalife common stock during the Class Period and
wish to serve as a lead plaintiff in the action, you must move the
Court no later than October 28, 2008. Any member of the investor class
may move the Court to serve as lead plaintiff through counsel of its
choice, or may choose to do nothing and remain an absent class member.
If you wish to discuss this action or have questions concerning this
notice or your rights, please contact Scott+Scott
([email protected], (800) 404-7770, (860) 537-5537 or visit the
Scott+Scott website, http://www.scott-scott.com) for more information.
There is no cost or fee to you.
The complaint against Signalife alleges that during the Class Period
the defendants made materially false and misleading statements
concerning, among other things, the Company’s model 100 ECG heart
monitoring device, which the Company described as “revolutionary.”
Throughout the Class Period, Signalife touted its heart monitoring
product as a marketable and viable product that would be rolled out
nationwide through the Company’s purported marketing partnership with
Rubbermaid Medical Solutions (RMS) that would include the formation of
a national sales force to market Signalife’s model 100 heart monitor.
Additionally, during the Class Period, defendants disclosed the receipt
of purchase orders for the model 100 heart monitor and told investors
that “we anticipate that the orders should be fully filled by the end
of the first quarter of fiscal 2008.” As a result of these statements,
defendants artificially inflated the Company’s stock price throughout
the Class Period.
However, as the complaint alleges, it became clear at the end of the
Class Period that, among other things, defendants had misled investors
by failing to disclose that Signalife had insufficient resources and
means to market the model 100 heart monitor and that RMS was not
marketing Signalife’s heart monitoring product and had no plans to
market Signalife’s product because it was “not commercially ready for
sale.” Moreover, Signalife revealed that the Company was unable to fill
its product orders and the Company had not made a single sale of its
highly-touted heart monitor during the entire first quarter of 2008.
Consequently, the Company’s stock price plummeted.
Scott+Scott has significant experience in prosecuting major securities,
antitrust and employee retirement plan actions throughout the United
States. The firm represents pension funds, foundations, individuals and
other entities worldwide.