SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C.
Litigation Release No. 16891 / February 8, 2001
Securities and Exchange Commission v. Biosonics, Inc.
On February 7, 2001, the Commission filed a complaint in the United States District Court for the District of Columbia against Biosonics, Inc. The complaint alleges that Biosonics, a Pennsylvania-based medical device company whose securities trade in the pink sheets, failed to make available to the investing public current and accurate information about its financial condition and results of operation through the filing of periodic reports with the Commission as required by the Securities Exchange Act of 1934 ("Exchange Act"). Specifically, the complaint alleges that Biosonics has not filed its Annual Report on Form 10-K for the fiscal year ended December 31, 1999; its Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, June 30 and September 30, 2000; and three Notifications of Late Filing with respect to its delinquent reports.
Simultaneously with the filing of the complaint, Biosonics admitted the violations and consented to the entry of a final judgment enjoining it from further violations of Section 13(a) of the Exchange Act of 1934 and rules 12b-25 and 13a-13 thereunder, and ordering it to file its delinquent reports sixty days after the entry of the final judgment.