Class Period: Jan 29, 2004 to Apr 14, 2008
Lead Plaintiff Deadline: Oct 28, 2008 + Deadline passed
Summary of Case:
Scott + Scott has filed a securities class action against Signalife, Inc. (Ticker: SGN) ("Signalife" or the "Company) on behalf of all common stock purchasers from January 29, 2004 through April 14, 2008 (Class Period) in the United States District Court for South Carolina. The deadline to file for lead plaintiff is October 28, 2008.
The Complaint alleges that Signalife issued false positive statements about the Company's ability to manufacture and market its Fidelity 100 Monitor System, a supposedly wireless heart monitoring device. Despite years of highly positive statements about its heart monitor, Signalife has had virtually no sales, and the Company has never had a product that was commercially viable. As a result, Signalife's stock was artificially inflated during the Class Period. Signalife's stock dropped on April 11, 2008 on unprecedented volume of 3,752,100 shares, when the truth came to light that Signalife's Fidelity 100 monitor system was unsalable. The Company recently announced its imminent delisting from AMEX, and its stock price has slumped to 6 cents.
On November 20, 2008, the case was consolidated and Scott + Scott, LLP was selected as Lead Counsel in this case to represent all Class Members.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.