Lifeline Biotechnologies Comments on DTC Notice Resulting from SEC Administrative Action Against Leeb Brokerage Services, Inc.
May 05 2010 - 4:31PM
Business Wire
Lifeline Biotechnologies, Inc. (Pink Sheets: LLBO) has learned
that the U.S. Securities and Exchange Commission has filed an
administrative action against employees of New York brokerage Leeb
Brokerage Services Inc. (Leeb) for facilitating illegal penny stock
sales. As a consequence of the SEC action, Depository Trust Company
(DTC) has suspended all services, except custody services, for
Lifeline Biotechnologies shares.
Lifeline is one of a number of companies whose shares were
allegedly utilized in the activities of the brokerage firm Leeb.
According to an SEC administrative action in 2006, Leeb conducted
possible illegal trading for clients holding shares of Lifeline and
other companies. Lifeline’s CEO, Jim Holmes, stated, “Lifeline has
no knowledge of, or association with, Leeb or any of its affiliates
or employees, and was in no way a party to the actions of the
broker, its employees or affiliates. We are in contact with DTC to
clear Lifeline’s name of the matter and to remove the suspension of
services on the shares of Lifeline as soon as possible. We will
follow up with news on the state of affairs as soon as it is
known.”
To learn more about this matter and read the case of
administrative action, please see the following links:
DTC Notice:
http://www.dtcc.com/downloads/legal/imp_notices/2010/dtc/ope/6676-10.pdf
SEC Administrative Action:
http://www.sec.gov/litigation/admin/2010/33-9121.pdf
Safe Harbor: This release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 27E of the Securities Act of 1934. Statements contained in
this release that are not historical facts may be deemed to be
forward-looking statements. Investors are cautioned that
forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected
or suggested herein due to certain risks and uncertainties
including, without limitation, the ability to obtain financing,
successful development of the Company's product or market
acceptance of the product and regulatory and shareholder approval
for anticipated actions.
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