Cardiac imaging specialist Positron Corp. (OTC:POSC) is fighting a bid for involuntary bankruptcy issued by 3 parties who are alleging to be creditors of the company, according to an SEC filing posted last week.
The Chicago-based company said it plans to oppose the petition and move to dismiss the filing, according to the SEC filing.
Positron said the petition “failed to state facts sufficient to invoke an involuntary bankruptcy and was not filed by the required number of petitioning creditors with debts not subject to bona fide dispute,” according to an SEC filing.
The company said that there was no guarantee that they will be successful in their attempt to dismiss the filing.
In April, Positron conducted a 1-for-400 reverse stock split. As a result of the transaction, shareholders received one common share for every 400 shares they held.
Positron’s shares have trended steadily downward over the last year, from a 52-week closing high of $3.40 a share on May 2, 2014, to a closing low of 44¢ a share March 9.
Last September, Positron Chairman and CEO Patrick Rooney abruptly resigned from the company. A few weeks later, Rooney and his brother, John, were accused by the SEC of engaging in a trading scam involving Positron stock.