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U.S. Securities and Exchange Commission


Litigation Release No. 19012 / December 22, 2004

Securities and Exchange Commission v. Morgan Nields, Civil Action No. 04-D-2628 (MJW) (D. Colo.).

The Securities and Exchange Commission announced today that on December 22, 2004, it filed a subpoena enforcement action in the U.S. District Court for the District of Colorado against Morgan Nields, the former CEO and chairman of the board of directors of Fischer Imaging Corporation ("Fischer"). Pursuant to a subpoena issued on October 15, 2004, Nields was required to appear for testimony before the Commission on December 17, 2004. On December 16, 2004, Nields, through counsel, objected to the Commission's subpoena and notified the staff that he would not appear to testify. On December 17, 2004, Nields failed to appear to testify as required by the subpoena. Accordingly, the Commission filed its Application For Order to Show Cause and For Order to Enforce Administrative Subpoena ("Application"), along with a supporting Memorandum and Declaration.

In its Application and supporting filings, the Commission alleges that on April 29, 2003, the Commission issued its Order Directing Private Investigation and Designating Officers to Take Testimony ("Formal Order") in the Fischer investigation. The Formal Order authorizes members of the SEC staff to investigate whether antifraud and/or reporting provisions of the federal securities laws have been or are being violated by any persons or entities in connection with the offer, sale and/or purchase of securities in Fischer. Pursuant to its Application, the Commission is seeking an order directing Nields to show cause why the Court should not enter an order requiring him to appear for testimony.

A hearing on the Commission's application has not yet been scheduled.


Modified: 12/22/2004