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Senior Care Eyes Short-Sale Suit

LAGUNA BEACH, CA-Senior Care Industries Inc. says it will join other OTC companies in a lawsuit against naked short sellers driving down the company's stock price.

By Bob Howard | Updated on September 11, 2002

LAGUNA BEACH, CA-Less than a week after stating that its stock was being depressed by naked short selling, Senior Care Industries Inc. says it will join a class action lawsuit with at least six other OTC companies that claim to be the victims of the short-selling tactic.Bob Coberly, a senior care vice president, said in an announcement that would not name the specific market makers practicing naked short selling, but he said the company’s attorneys have notified the market makers to cease and desist.

Senior care issued its first announcement about the short-selling problem after a number of shareholders complained that they could not obtain share certificates from their brokers when they bought Senior Care stock.

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