Social Life Network (OTC: WDLF) Files $40,000,000 Complaint in The United States District Court for the Southern District of California
Social Life Network, Inc. (OTC: WDLF) has filed a $40 million complaint against a convertible debt funder for multiple alleged violations of federal securities laws. CEO Ken Tapp emphasized the management's commitment to addressing illegal activities that have harmed shareholders. The company's business model focuses on supporting tech start-ups through licensing agreements, harnessing AI and blockchain technology to enhance niche social networks. This legal action aims to protect retail shareholders and uphold the integrity of the company’s operations.
- Filed a $40 million legal complaint, which highlights the company's proactive stance against alleged illegal activities.
- Management's focus on protecting shareholders may enhance investor confidence.
- Legal disputes could lead to increased expenses and distractions from core business operations.
LOS ANGELES, CA, April 19, 2021 (GLOBE NEWSWIRE) -- Social Life Network, Inc. (OTC: WDLF), announces today that it has filed a
The complaint may be accessed at our website via the following link:
https://www.socialnetwork.ai/LGH-filing.pdf
“Our management team has been focused for months on researching and identifying the [alleged] illegal securities activities referenced in the complaint that damaged our shareholders," said CEO Ken Tapp. "We need for our shareholders to know that we will not relent in our efforts to identify and pursue those who have engaged in illegal securities activity of our stock and preyed upon the retail shareholders supporting the growth of companies like our own.”
About Social Life Network, Inc.
Social Life Network is a Technology Business Incubator (TBI) that, through individual licensing agreements, provides tech start-ups with seed technology development, legal and executive leadership, making it easier for start-up founders to focus on raising capital, perfecting their business model, and growing their network user-ship. Our seed technology is an artificial intelligence (“AI”) powered social network and Ecommerce platform that leverages blockchain technology to increase speed, security, and accuracy on the niche social networks that we license to the companies in our TBI. Since the launch of the company in January of 2013, the Company has launched niche industry social networks to service the millions of business professionals and consumers in the residential real estate industry, the legal global cannabis industry, sports verticals including racket sports, golf, cycling, soccer, space exploration, auto racing, travel, hunting, fishing, and camping. The Company operates in part, like a publicly traded tech incubator, and retains ownership in each licensee through stock and options ownership when they reach a contracted user ship growth, outlined in their licensing contracts. This allows the Company to minimize its expenses and exposure to failed start-ups licensees that use its platform.
For more information, visit our website @ www.SocialNetwork.ai
Watch our latest shareholder update podcasts @ www.SocialNetwork.ai/podcast
SAFE HARBOR & DISCLAIMER
This information does not constitute an offer to sell or a solicitation of an offer to buy securities or assets of Social Life Network, Inc. All information presented herein with respect to the existing business and the historical operating results of Social Life Network (“the Company”) and estimates and projections as to future operations are based on materials prepared by the management of the Company and involve significant elements of subjective judgment and analysis which may or may not be correct. While the information provided herein is believed to be accurate and reliable, the Company makes no representations or warranties, expressed or implied, as to the accuracy or completeness of such information. In furnishing this information, the Company reserves the right to amend or replace some or all the information herein at any time and undertakes no obligation to provide the recipient with access to any additional information. No information in this press release should be construed as any indication whatsoever of our future revenues, results of operations, or stock price.
Todd Markey
Investor Relations
Social Life Network, Inc.
ir@socialnetwork.ai
1-855-933-3277
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