GENEMAX CORP. Announces Naked Short Selling Lawsuit Against Broker-Dealers, Market Makers and Clearing Agents
BLAINE, Wash., Oct. 3 /PRNewswire-FirstCall/ -- GENEMAX CORP. ("the Company") (OTC Bulletin Board: GMXX, Frankfurt: GX1) announced today that it has filed a lawsuit against various broker-dealers, market makers and clearing agents involved in the continued unlawful "Naked Short Sales" of GMXX securities. Named as Defendants in the suit, filed in the U.S. District Court, for the District of Nevada, were:
-- KNIGHT SECURITIES, LP,
-- WM. V. FRANKEL & CO., INC.,
-- CHARLES SCHWAB COMPANY,
-- ICLEARING, LLC,
-- HERZOG HEINE GEDULD,
-- HILL THOMPSON MAGID, L.P.,
-- VFINANCE INVESTMENTS, INC.,
-- AMERITRADE CLEAR,
-- YORKTON SECURITIES,
-- BLACK CORPORATIONS 1-100,
-- DOES 1-100
The suit seeks an injunction to enjoin the unlawful "shorting" activities, and substantial damages, including punitive damages to punish Defendants for their unlawful conduct, which involves, among other things, alleged fraud, negligence, violations of securities laws, racketeering (civil RICO) and conspiracy. If the Company obtains a civil jury verdict for RICO violations, it will be entitled to treble damages from the Defendants.
It is very likely the Company will amend the suit to name additional broker-dealers, market makers and clearing agents, along with individual securities professionals, as soon as trading records can be obtained during the discovery process, or otherwise.
During the past several months, the Company had written letters to the Defendants, as well as other securities professionals involved in GMXX market activities, requesting they voluntarily cease their "Naked Short Sales." Defendants' response to the Company's request was increased "shorting" activities. Accordingly, the Company was constrained to seek legal remedies in an effort to protect the Company, its shareholders and its business from continued damages and losses caused by Defendants' unlawful conduct.
About GeneMax: GeneMax is a biotechnology company specializing in the discovery and development of immunotherapeutics aimed at the treatment and eradication of cancer, and therapies for infectious diseases, autoimmune disorders and transplant tissue rejection.
For further information:
Contact: Marcus Johnson
Phone: Toll Free (866) 872-0077 or (360) 332-7734 Fax: (360) 332-1643
Stock Exchange Information: (Symbol: OTCBB - GMXX, Symbol FWB - GX1,
WKN: 645096, ISN: US36870Q1031)
GENEMAX CORP common stock is traded on the OTC Bulletin Board in the United States under the symbol GMXX and on the Frankfurt Stock Exchange under the symbol GX1.
SAFE HARBOR STATEMENT
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN."
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SOURCE GeneMax Corp.
CO: GeneMax Corp.
ST: Washington
SU: LAW
prnewswire.com
10/03/2002 14:01 EDT |
