Fla. Medical Device Co. Accused Of Misleading Investors

Law360, Miami (September 19, 2013, 7:13 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday sued a Fort Lauderdale, Fla.-based medical equipment maker and its top two executives, saying they issued misleading public filings and failed to disclose financial difficulties and related risks to investors.

The SEC alleges a slew of Securities Act and Exchange Act violations against Imaging Diagnostic Systems Inc., CEO Linda Grable and Chief Financial Officer Allan Schwartz, whom the agency says continued to state publicly that they expected to submit an application for U.S. Food and Drug Administration approval...
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