$ 2 Million Judgment Awarded Against Casey Nabavi

Jun 14, 2010, 09:00 ET from Cellulogix Biosciences from ,K. Casey Nabavi

LOS ANGELES, June 14 /PRNewswire/ -- The Los Angeles County Superior Court Issued judgment against K. CASEY NABAVI in the amount of $ 2 (two) million in Feinerman v. Nabavi, et al case (Case No. LC 083129). The notice of entry was issued today covering the judgment previously signed by the Court.

The Judgment concludes litigation against Casey Nabavi and his companies BIOSCIENCES and Stem Cell Biotherapy which has been pending since October 2008.

As indicated in the Judgment and in awarding judgment against Casey Nabavi in the total amount of $2,091,393.48 the Court found and concluded that Nabavi's actions constituted knowing and intentional embezzlement, conversion, fraud and deceit (including Nabavi in his capacity as a fiduciary in his dealings with the Plaintiff).

The Court removed and disqualified Casey Nabavi from acting as an officer or director of, or in any similar position of management for Stem Cell Biotherapy, Inc. and/or Cellulogix Biosciences (which the Court deemed, concluded and ordered to be a wholly owned subsidiary of Stem Cell Biotherapy) for so long as the Plaintiff is a shareholder of either of such companies.

Casey Nabavi currently resides in Calabasas, California.  Cellulogix maintains offices in Woodland Hills, California; Montreal, Canada and elsewhere.

For Further Information, Contact

Burton Feinerman, M.D. at SCB



SOURCE Cellulogix Biosciences; K. Casey Nabavi