Case Page

 

Case Status:    DISMISSED    
On or around 11/30/2005 (Date of order of final judgment)

Filing Date: April 12, 2004

On December 29, 2005, the plaintiff filed a notice of appeal from the November 30, 2005 Order dismissing the complaint with prejudice. As of August 2, 2007, the appeal is still pending in the U.S. Court of Appeals for the Third Circuit.

On August 18, 2004, the Court entered the Order granting the motion to appoint counsel and lead plaintiff. On January 5, 2005, the defendants filed motions to dismiss the complaint. On November 30, 2005, the Court entered the Order and Opinion by U.S. District Judge Dennis M. Cavanaugh granting the motions to dismiss and dismissing the complaint with prejudice.

The complaint alleges that Sel-Leb, certain of its officers and directors, and the Company's independent accountants violated the federal securities laws by issuing materially false and misleading public statements regarding the Company's financial results. Specifically, Sel-Leb and certain of its officers and directors are alleged to have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by filing an annual report on Form 10KSB with the SEC for fiscal year 2001 that reported $443,669 in earnings, when in fact the Company incurred a loss for that year. The Company and the individual defendants also allegedly made numerous positive statements about Sel-Leb's anticipated record revenues for fiscal year December 31, 2002, when in fact the Company was incurring losses for that year.

Sel-Leb's common stock traded as high as $4.00 per share during the time period relevant to the complaint. However, when the truth about Sel-Leb's deteriorating business condition was revealed, the Company's shares became worthless.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Personal & Household Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SELB
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 04-CV-1675
JUDGE: Hon. Dennis M. Cavanaugh
DATE FILED: 04/12/2004
CLASS PERIOD START: 04/05/2002
CLASS PERIOD END: 02/25/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Zimmerman, Levi & Korsinsky, LLP
    39 Broadway, Suite 1440, Zimmerman, Levi & Korsinsky, LLP, NY 10006
    212.363.7500 212.363.7171 ·
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