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SEC Sues Imaging Diagnostic Systems (IMDS) and Top Execs Amid Failed FDA Bids and IRS Issues


9/23/2013 7:52:49 AM

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Federal industry watchdogs accuse Imaging Diagnostic Systems and its lead executives of deliberately misleading investors after the company repeatedly missed FDA deadlines for its breast imaging system and failed to remit its payroll taxes. The U.S. Securities & Exchange Commission this week accused medical device company Imaging Diagnostic Systems (OTCMKTS:IMDS) and its top executives of misleading investors and failing to remit payroll taxes to the Internal Revenue Service. The SEC accused IDS CEO Linda Grable and CFO Allan Schwartz of issuing meaningless timelines, thus misinforming investors of the company's progress toward FDA review of its CTLM laser-based breast cancer detection systems.

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