Replies to post #3619 on Medite Cancer Diagnostics Inc (MDIT)

[IslandTrader]

Learn to read public information! I know what a reverse split is, as I mentioned they are not allowed to do this based on FINRA's decision and their prior stock manipulation. I will post the link since you seem to bash with no knowledge of any kind:

http://ih.advfn.com/p.php?pid=nmona&article=59173964

On June 4, 2013, in accordance with Rule 10b-17 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we submitted the Issuer Company-Related Action Notification Form to FINRA. On June 26, 2013, we mailed an Information Statement to our stockholders notifying them of the approval of the reverse stock split. On August 15, 2013, we received a deficiency notice from FINRA pursuant to FINRA Rule 6490 notifying us that, based upon Rule 6490(d)(3(3), the reverse stock split would not be processed by FINRA. The deficiency was based upon FINRA’s actual knowledge that the SEC filed a civil injunctive action against us, Daniel J. Burns, our former chairman, and Robert F. McCullough, Jr., our Chief Executive Officer and Chief Financial Officer. As disclosed in our Annual Report on Form 10-K for the year ended December 31, 2012, in February 2011, the matter was settled. On August 21, 2013, we appealed the deficiency determination. A hearing has been scheduled for September 19, 2013 and we expect a final ruling shortly thereafter.

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In the event that we are unsuccessful in our appeal, we will not have sufficient shares to execute our business plan. In order to ensure that we have sufficient authorized shares to execute our business plan, on August 29, 2013, our board of directors executed a written consent authorizing the amendment to our certificate of incorporation to increase the number of shares of Common Stock that we are authorized to issue from 500,000,000 to 2,000,000,000 . On August 29, 2013, the holders of the majority of the issued and outstanding shares of our Common Stock and Series E Stock, voting together as a single class, acted by written consent to authorize our board of directors to effect the amendment in its discretion. Our board of directors intends to implement the amendment to our certificate of incorporation to increase the number of shares that we are authorized to issue in the event that our appeal of FINRA’s deficiency determination regarding our previously approved reverse split is not successful. Our board of directors does not intend to implement the amendment to our certificate of incorporation to increase the number of shares that we are authorized to issue in the event that we are successful in our appeal and FINRA processes the reverse split.

[IslandTrader]

PS, calling the SEC to let them know the CEO is releasing material information to you rather than releasing it to the public in the form of an 8-k. That is called insider trading my friend! The company has a history of it so I'm sure they will be happy to hear the complaint. Thanks for the public post!

[IslandTrader]

Insider Trading
"Insider trading" is a term that most investors have heard and usually associate with illegal conduct. But the term actually includes both legal and illegal conduct. The legal version is when corporate insiders—officers, directors, and employees—buy and sell stock in their own companies. When corporate insiders trade in their own securities, they must report their trades to the SEC. For more information about this type of insider trading and the reports insiders must file, please read "Forms 3, 4, 5" in our Fast Answers databank.

Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Insider trading violations may also include "tipping" such information, securities trading by the person "tipped," and securities trading by those who misappropriate such information.

Examples of insider trading cases that have been brought by the SEC are cases against:

Corporate officers, directors, and employees who traded the corporation's securities after learning of significant, confidential corporate developments;
Friends, business associates, family members, and other "tippees" of such officers, directors, and employees, who traded the securities after receiving such information;
Employees of law, banking, brokerage and printing firms who were given such information to provide services to the corporation whose securities they traded;
Government employees who learned of such information because of their employment by the government; and
Other persons who misappropriated, and took advantage of, confidential information from their employers.
Because insider trading undermines investor confidence in the fairness and integrity of the securities markets, the SEC has treated the detection and prosecution of insider trading violations as one of its enforcement priorities.

The SEC adopted new Rules 10b5-1 and 10b5-2 to resolve two insider trading issues where the courts have disagreed. Rule 10b5-1 provides that a person trades on the basis of material nonpublic information if a trader is "aware" of the material nonpublic information when making the purchase or sale. The rule also sets forth several affirmative defenses or exceptions to liability. The rule permits persons to trade in certain specified circumstances where it is clear that the information they are aware of is not a factor in the decision to trade, such as pursuant to a pre-existing plan, contract, or instruction that was made in good faith.

Rule 10b5-2 clarifies how the misappropriation theory applies to certain non-business relationships. This rule provides that a person receiving confidential information under circumstances specified in the rule would owe a duty of trust or confidence and thus could be liable under the misappropriation theory.

For more information about insider trading, please read Insider Trading—A U.S. Perspective, a speech by staff of the SEC.

We have provided this information as a service to investors. It is neither a legal interpretation nor a statement of SEC policy. If you have questions concerning the meaning or application of a particular law or rule, please consult with an attorney who specializes in securities law.

https://www.sec.gov/answers/insider.htm