UPDATE: Appeal Of Lawsuit By Former Chief Executive Officer- Reinstated; And Sanctions Order Vacated
PHILADELPHIA, March 23 /PRNewswire/ -- The Superior Court of Pennsylvania has reinstated an appeal filed by John R. DePhillipo, former Chief Executive Officer of GeneLink Biosciences, (GNLK:OB) and his wife Maria. The appeal had been dismissed by an order from the same court on February 18, 2010. The Superior Court also ordered " The Prothonotary to list the matter for argument before the first available panel."
Originally, DePhillipo and his wife filed suit against GeneLink and GeneWize, a wholly owned Subsidiary of GeneLink, claiming they were induced to settle an Atlantic County, N.J. law suit by fraud. The complaint alleged that GeneLink's attorney made false representations to John DePhillipo, his lawyer and the trial judge relative to the alleged poor economic well being of GeneLink. ("Defendant GeneLink, Inc. was in such dire financial straits that he didn't know how they were able to pay his attorneys fees.")
Within an hour after the DePhillipos settled the Atlantic County case, GeneLink officers filed a press release revealing, for the first time, the existence of their wholly owned subsidiary, GeneWize. They also added that GeneWize had sold approximately 250 presidential founder memberships for One Thousand ($1000.00) dollars and over 4,000 GeneWize dealerships for Five Hundred ($500.00)
The Common Pleas Court Philadelphia judge dismissed the case ruling that GeneLink's lawyer was only puffing. The appeal to the Superior Court followed.SOURCE GUSTINE J. PELAGATTI & ASSOCIATES
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