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Imaging3, Inc. (IGNG)

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Last Post: 4/18/2017 3:20:11 AM - Followers: 257 - Board type: Free - Posts Today: 0

Imaging3 Inc.
3200 West Valhalla Drive
Burbank, CA 91505
United States -" rel="nofollow">Map
Phone: 818-260-0930
Fax: 818-260-0445

SEC Charges Medical Imaging Device Company and Its CEO with Fraud

Washington, D.C., June 26, 2013 — The Securities and Exchange Commission today announced that it filed fraud charges on Tuesday against Burbank, Calif.-based Imaging3, Inc., and its founder and chief executive Dean Janes for misleading shareholders about the Federal and Drug Administration (FDA)’s view of the company’s medical device.
Additional Materials

SEC Complaint

The SEC’s complaint alleges that Janes held a conference call with investors in November 2010 after the FDA denied clearance for Imaging3, Inc. to market its proprietary scanner, which provides three-dimensional images for use in medical diagnosis. The denial was the product’s third, as the FDA denied clearance in 2008 and earlier in 2010. Even though the FDA cited concerns about the safety of the device and the quality of the images, Janes told investors that the FDA’s issues were “not substantive” and largely “administrative.”

“Shareholders have a right to trust corporate officers to tell them the truth about the business. When CEOs abuse that trust and make misstatements, innocent shareholders are victimized,” said Michele Wein Layne, Regional Director of the SEC’s Los Angeles Regional Office. “The SEC will hold corporate officers accountable for misleading shareholders.”

According to the SEC’s complaint, filed in the U.S. District Court for the Central District of California, on the conference call, Janes did not discuss the issues raised by the FDA in an October 2010 letter, such as the device’s potential for over-heating, and the fact that some sample images the company submitted were “scientifically invalid and useless.”

Even when asked on the call whether any of the FDA’s concerns were “safety-related” or involved image quality, Janes said, “Nope,” and that there was “really and honestly not one question about the technology or its consistency. It just doesn’t make sense to me.”

After an investor obtained the FDA’s denial letter and posted it on an Internet blog in early 2011, Janes used his personal Facebook page in another effort to mischaracterize the denial, the SEC alleged. Janes and his company didn’t officially issue the full text of the denial letter until earlier this year, more than two years after the call to discuss it.

The SEC's action charges Imaging3, Inc. and Janes with fraud and seeks a court order to bar them from future violations of federal securities laws, require them to pay civil monetary penalties, and bar Janes from serving as a public company officer or director.

Alka Patel and Katharine Zoladz of the Los Angeles Regional Office conducted the SEC’s investigation and David Van Havermaat will lead the litigation.

Wells Notice Served on Dean Janes and Imaging3, Inc.
(Excerpt from Bankruptcy Doc 178)
Wells Notice Served by Securities Exchange Commission
On November 14, 2012, the staff of the Securities and Exchange Commission (the "SEC" or "Commission") served Wells notices on the Debtor and Dean Janes, the Debtor's CEO. The Wells notices stated that the staff of the Commission was considering recommending that the Commission bring an action against the Debtor and Janes for alleged violations of Section 10(b)of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 thereunder, against the Debtor under Section 13(a) of the Exchange Act and Regulation FD thereunder, and against Janes for aiding and abetting the Debtor's alleged violation of Section 13(a) of the Exchange Act and Regulation FD thereunder. The staff of the Commission advised counsel for the Debtor and Janes that they were considering recommending that the Commission file an enforcement action against the Debtor and Janes to seek various penalties and remedies, including monetary penalties, a director and officer bar for Janes, and injunctive relief preventing further violations. The Debtor and Janes responded to the Wells notice on December 13, 2012, asserting that the Debtor and Janes did not violate federal securities laws and that no grounds for penalties exist. While the Commission has not yet filed suit, the matter remains ongoing, and the Debtor cannot predict the likelihood of an adverse outcome.
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Current Price
Bid Ask Day's Range
IGNG News: Statement of Changes in Beneficial Ownership (4) 04/26/2017 06:21:58 PM
IGNG News: Statement of Changes in Beneficial Ownership (4) 04/26/2017 06:16:53 PM
IGNG News: Amended Annual Report (10-k/a) 04/24/2017 06:04:57 AM
IGNG News: Current Report Filing (8-k) 04/21/2017 06:04:42 AM
IGNG News: Post-effective Amendment to Registration Statement (pos Am) 04/19/2017 12:35:57 PM
News News Alert: Statement of Changes in Beneficial Ownership (4) 04/26/2017 06:21:58 PM
#53248  Sticky Note IGNG this Medical imaging company came out out wealthmoney 03/18/17 05:00:40 PM
#53059  Sticky Note MoneyTV and Don Baillargeon put Dean and Imaging3 stockmasterflash 01/11/17 02:37:05 PM
#47376  Sticky Note Everyone needs to get back on topic about IH Linda (Retired) 09/19/11 06:15:06 PM
#53404   Lol! Too funny!! mr_sano 04/18/17 03:20:11 AM
#53403   Just a minor "accidental" omission stockmasterflash 04/17/17 12:02:56 PM
#53402   For your new bees if they get fda look1 04/11/17 08:05:56 PM
#53401   Quietly being loaded! $IGNG Money Maker 1 03/30/17 10:49:32 AM
#53399   FM -- I'd love to hear a better strategy. ndforlife 03/29/17 11:13:43 PM
#53397   $IGNG Major Pincher play! Target 05 Money Maker 1 03/29/17 08:40:18 AM
#53396   IGNG, SDEV heading in the right direction.. DMInv1 03/28/17 12:27:16 PM
#53395   $IGNG up 35%... great opportunity at this pps Money Maker 1 03/28/17 11:17:08 AM
#53394   Gonna be a great day today $IGNG...Buckle up Money Maker 1 03/28/17 10:03:18 AM
#53393   700,000 shares were traded at $0.012 at 8:37am veni vidi vici 03/28/17 09:03:02 AM
#53392   Out of bankruptcy ad all but guaranteed FDA Money Maker 1 03/27/17 11:38:03 PM
#53391   IGNG . this Medical imaging company came wealthmoney 03/27/17 11:21:13 PM
#53390   Good day IGNG. prayforme 03/27/17 05:12:29 PM
#53389   Lovin it!! IGNG Hennypennyaz 03/27/17 04:57:21 PM
#53388   PERFECT PINCH PLAY! $IGNG ITS A GREEN LIGHT! Money Maker 1 03/27/17 03:40:00 PM
#53387   IGNG yet another gem wealthmoney 03/27/17 03:25:56 PM
#53386   911 trades, I'm a believer now ! wealthmoney 03/27/17 03:24:58 PM
#53385   Tx ND. This time this will happen because MazelMan 03/27/17 02:51:56 PM
#53384   Welcome back bud! Its a new phase in ndforlife 03/27/17 02:48:17 PM
#53383   The fact is that Critech is 100% approval MazelMan 03/27/17 02:41:28 PM
#53382   .025 on the bid. Can't believe I'm ndforlife 03/27/17 02:39:20 PM
#53381   Would be a great afternoon for an update honest dave 03/27/17 02:37:07 PM
#53380   $IGNG moving on air! Money Maker 1 03/27/17 02:33:34 PM
#53379   Bring it on. Got my popcorn ready. :-) ProfitChaser 03/27/17 02:31:13 PM
#53378   Already garnishing some attention. $IGNG hit one of Money Maker 1 03/27/17 02:26:37 PM
#53377   Hopefully we'll stay here at the closing and ndforlife 03/27/17 02:23:02 PM
#53376   $IGNG 025.... 04 soon! Money Maker 1 03/27/17 02:20:40 PM
#53375   $IGNG bid now at 02! Money Maker 1 03/27/17 02:14:21 PM
#53374   A good sign of reversal $IGNG Money Maker 1 03/27/17 02:03:58 PM
#53373   From the looks of things only buys on Law of Averages 03/27/17 01:58:26 PM
#53372   As everyone thought.... 01ish was bottom. Only going Money Maker 1 03/27/17 01:48:12 PM
#53371   Up 48%. Not a bad day ndforlife 03/27/17 01:43:47 PM
#53370   If I remember correctly I believe this will ndforlife 03/27/17 01:37:17 PM
#53369   $IGNG I'm hearing FDA approval is almost a Money Maker 1 03/27/17 01:26:48 PM
#53368   .018x.02 chart starting to move back up. Law of Averages 03/27/17 01:26:07 PM
#53367   IGNG here we go :) !!! wealthmoney 03/27/17 01:24:14 PM
#53366   $IGNG getting some well deserved attention. Money Maker 1 03/27/17 01:23:51 PM
#53365   Looking good here ProfitChaser 03/27/17 12:36:00 PM
#53364   Be patient grasshoppers. I assume Biologics Consulting ndforlife 03/27/17 12:28:35 PM
#53363   Here we go Money Maker 1. Lets close Law of Averages 03/27/17 12:15:02 PM
#53362   I think we will! Looking forward to it! $IGNG Money Maker 1 03/27/17 11:58:27 AM
#53361   I hope we all make serious bank on IGNG. Law of Averages 03/27/17 11:52:46 AM
#53360   I think 03-06 range easily and sooner rather Money Maker 1 03/27/17 11:46:18 AM
#53359   Hey Money Maker 1 do you think IGNG Law of Averages 03/27/17 10:54:40 AM
#53358   Two 911 slaps....$IGNG Money Maker 1 03/27/17 10:49:21 AM
#53357   Needs way more volume than 75 to get Law of Averages 03/27/17 10:33:14 AM
#53356   Up 23% today. Holding grounds good is it time? prayforme 03/25/17 12:29:37 AM
#53355   IGNG has plenty of upside. RSI is still Law of Averages 03/24/17 09:31:33 PM
#53354   Your always good luck wealthmoney 03/24/17 01:26:47 PM
#53353   $IGNG bid building! Ask is super thin! Multi Money Maker 1 03/24/17 01:01:10 PM