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GeneMax Corp. Announces Litigation Regarding Manipulative Trading Abuses
BLAINE, Wash., Sept. 5 /PRNewswire-FirstCall/ -- GENEMAX CORP. ("the Company") (OTC Bulletin Board: GMXX; Frankfurt: GX1) announced today that it has issued lawsuits in the Supreme Court of British Columbia against Global Securities Corporation and Union Securities Corporation of Vancouver (the "Defendants") for violation of fair-trading practices, negligence and/or fraud, share price manipulation, and other causes of action. The allegations by the Company center on illegal naked short selling conducted by Global Securities and Union Securities to manipulate share price for profit and gain in violation of Company certification bylaws, exchange policies, and laws of Canada and the United States. The naked short selling conducted causes artificial inflation of the Company's trading float of common shares to wrongfully decrease or suppress the true market price of the Company's stock. The Company seeks damages from actions of the Defendants that include loss of investment opportunity, injury to reputation, artificial issuance of shares that results in illegal devaluation of its securities, and other damages. The Company alleges that the Defendants' actions contravene the provisions of the Investment Dealers Association of Canada, the National Association of Securities Dealers, the Criminal Code of Canada, and the United States Securities Act of 1934.
Shareholders have complained to the Company that they cannot obtain their share certificates when they purchase GeneMax shares from their broker. The Company has knowledge of other GeneMax shareholder lawsuits to be filed against broker dealers for breaches of contract stemming from failure to deliver shares purchased by GeneMax shareholders, and interest by GeneMax shareholders to participate in a class action lawsuit for shareholder damages caused by naked short selling. GeneMax shareholders interested in possible participation in a class action lawsuit should contact the Company (Toll Free 866-872-0077) for further details to provide their name, address, number of shares purchased and date purchased, and telephone contact information.
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.
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, British Columbia
09/05/2002 09:30 EDT
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