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Signalife, Inc. Summary: The original class action was filed against Signalife, Inc., which 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 commerciallyviable. 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, 2009, the Honorable R. Bryan Harwell signed the Order consolidating several related actions, granted the motion to appoint the Taylor Signalife Investment Group as lead plaintiff and further approved lead plaintiff’s selection of Scott & Scott LLP as lead counsel. On December 10, 2008, the lead plaintiff filed a Consolidated Class Action Complaint adding two individuals as named defendants. The defendants responded by filing motions to dismiss the Consolidated Class Action Complaint on February 11, 2009. On February 24, 2009, the plaintiffs filed an Amended Consolidated Class Action Complaint. On August 25, 2009, the motions to dismiss were taken under advisement. On October 8, 2009, one of the newly named defendants filed a motion to dismiss the Amended Consolidated Class Action Complaint.
INDUSTRY CLASSIFICATION:
SIC Code: 3845
Sector: Healthcare
Industry: Medical Equipment & Supplies
| COMPANY/ISSUER NAME: | Signalife, Inc. |
| COMPANY/ISSUER TICKER: | SGN |
| COMPANY WEBSITE: | http://www.signalife.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Robert A. Latham, et al. v. Matthews, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint | |||
| Type: Complaint | Date on the document: 08/28/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Robert A. Latham, et al. v. Signalife, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 10/08/2009 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint | |||
| Case Name and/or Number: Darryl K. Roth, et al. v. Signalife, Inc., et al. | |||
| Type: Complaint | Date on the document: 09/16/2008 | ||
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