Scott+Scott LLP Files Class Action Lawsuit Against Signalife, Inc. On Behalf of Investors -- SGNX


NEW YORK, Sept. 17, 2008 (GLOBE NEWSWIRE) -- 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 (scottlaw@scott-scott.com, (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.

More information on this and other class actions can be found on the Class Action Newsline at http://www.globenewswire.com/ca/



            

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