SEC launches probe of ADAC financials

Article

ADAC Laboratories continues to deal with fallout from the restatement of its financial results for 1996, 1997, and the first three quarters of 1998. The Securities and Exchange Commission this month initiated a formal investigation of the company’s

ADAC Laboratories continues to deal with fallout from the restatement of its financial results for 1996, 1997, and the first three quarters of 1998. The Securities and Exchange Commission this month initiated a formal investigation of the company’s restatement.

News of the probe came out in ADAC’s annual 10-K report, filed with the SEC on Jan. 3. In the filing, ADAC stated that it is cooperating with the regulatory agency and that it cannot predict the outcome of the investigation.

In December 1998, ADAC announced that it would restate its financial results for the previous three years, provoking dramatic selling of its stock and shareholder lawsuits (SCAN 1/13/99). ADAC is contesting the suits, which were consolidated in April of last year.

In other ADAC news, the company’s HealthCare Information Systems (HCIS) division and Agfa have signed an OEM agreement under which ADAC will distribute Agfa’s ADC computed radiography systems and Drystar hardcopy printers with its Envoi RIS and PACS systems. The deal is part of ADAC’s effort to offer a comprehensive RIS/PACS product to its customers, according to the Milpitas, CA-based company.

Newsletter

Stay at the forefront of radiology with the Diagnostic Imaging newsletter, delivering the latest news, clinical insights, and imaging advancements for today’s radiologists.

Recent Videos
SNMMI: Emerging PET Insights on Neuroinflammation with Progressive Apraxia of Speech (PAOS) and Parkinson-Plus Syndrome
Improving Access to Nuclear Imaging: An Interview with SNMMI President Jean-Luc C. Urbain, MD, PhD
SNMMI: 18F-Piflufolastat PSMA PET/CT Offers High PPV for Local PCa Recurrence Regardless of PSA Level
SNMMI: NIH Researcher Discusses Potential of 18F-Fluciclovine for Multiple Myeloma Detection
SNMMI: What Tau PET Findings May Reveal About Modifiable Factors for Alzheimer’s Disease
Emerging Insights on the Use of FES PET for Women with Lobular Breast Cancer
Can Generative AI Reinvent Radiology Reporting?: An Interview with Samir Abboud, MD
Mammography Study Reveals Over Sixfold Higher Risk of Advanced Cancer Presentation with Symptom-Detected Cancers
Combining Advances in Computed Tomography Angiography with AI to Enhance Preventive Care
Study: MRI-Based AI Enhances Detection of Seminal Vesicle Invasion in Prostate Cancer
Related Content
© 2025 MJH Life Sciences

All rights reserved.