SEC Issues Trading Suspension of IMDS By: Brenda Hamilton Attorney
On May 8, 2014, the Securities and Exchange Commission (“Commission”) deems it necessary and appropriate for the protection of investors that public administrative proceedings be instituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Exchange Act”) against Imaging Diagnostic Systems, Inc. (“IMDS”). The SEC also announced the temporary suspension, pursuant to Section 12(k) of the Exchange Act of IMDS’s securities due to a lack of current and accurate information about the company because it has not filed required periodic reports with the Commission.
IMDS’s securities are registered under Section 12(g) of the Exchange Act and its common stock is quoted on the OTC Link operated by OTC Markets Group Inc. under the symbol “IMDS.” IMDS is delinquent in its periodic filings with the Commission, having not filed its three most recent required filings including: its Form 10-K for the fiscal year ending June 30, 2013, its Form 10-Q for the quarter ending September 30, 2013, and its Form 10-Q for the quarter ending December 31, 2013.
IMDS also did not file any Forms 12b-25 explaining its inability to timely file these periodic filings. Exchange Act Section 13(a) and the rules promulgated thereunder require issuers of securities registered pursuant to Exchange Act Section 12 to file with the Commission current and accurate information in periodic reports, even if the registration is voluntary under Section 12(g). Specifically, Rule 13a-1 requires all issuers to file annual reports, and Rule 13a-13 requires domestic issuers, and foreign private issuers electing to report as domestic issuers, to file quarterly reports. As a result of the foregoing, IMDS failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder.
IMDS must file an answer within ten (10) days after service, as provided by Rule 220(b) of the Commission’s Rules of Practice. If they fail to do so the SEC may pursue enforcement proceedings including the revocation of the registration of IMDS’s securities.
For Further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956, by email at [email protected] or visit www.securitieslawyer101.com. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. For more information about going public and the rules and regulations affecting the use of Rule 144, Form 8K, crowdfunding, FINRA Rule 6490, Rule 506private placement offerings and memorandums, Regulation A, Rule 504 offerings, SEC reporting requirements, SEC registration statements on Form S-1 , IPO’s, OTC Pink Sheet listings, Form 10 OTCBB and OTC Markets disclosure requirements, DTC Chills, Global Locks, reverse mergers, public shells, direct public offerings and direct public offerings please contact Hamilton and Associates at (561) 416-8956 or [email protected]. Please note that the prior results discussed herein do not guarantee similar outcomes.
Hamilton & Associates | Securities Lawyers Brenda Hamilton, Securities Attorney 101 Plaza Real South, Suite 202 North Boca Raton, Florida 33432 Telephone: (561) 416-8956 Facsimile: (561) 416-2855 www.SecuritiesLawyer101.com