| Company: | Signalife, Inc. |
| Ticker Symbol: | SGN |
| Class Period: | Jan-29-04 to Apr-11-08 |
| Date Filed: | Aug-28-08 |
| Lead Plaintiff Deadline: | Oct-27-08 |
| Court: | District of South Carolina. |
| Allegations: | |
The action (No. 8:08-cv-2995) was filed in the U.S. District Court for the District of South Carolina. The complaint names Signalife and several of its present and former officers as defendants.
Signalife claims to research, develop and market wireless heart monitoring devices in the United States. The complaint alleges that Signalife (formerly known as Recom Managed Systems, Inc. and before that, Mt. Olympus Enterprises, Inc.), violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiff 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.
If you bought the securities of Signalife between January 29, 2004 and April 11, 2008, you may, no later than October 28, 2008 move the Court to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. The Court must determine whether the class member's claim is typical of other class members' claims, and whether the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by your decision whether or not to serve as a lead plaintiff.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
