Integral Diagnostics Limited (IDX), a leading provider of medical imaging services across Australia and New Zealand, has announced it is facing legal action regarding its 2019 acquisition of Imaging Queensland. The company was served with a claim filed in the Supreme Court of Queensland by the vendors of the Imaging Queensland business. Integral Diagnostics employs some of Australasia’s leading radiologists and diagnostic imaging specialists in a unique medical leadership model that ensures quality patient care, service and access.
The vendors are seeking damages and other relief from Integral and its subsidiary, alleging an earn-out valuation dispute. The claim comes more than two years after an independent expert, jointly appointed, determined the earn-out valuation to be $2.2 million. Integral states it previously attempted to resolve the disagreement based on this valuation, but the vendors declined and have now initiated legal proceedings.
Integral Diagnostics intends to defend the proceeding. Further details regarding the dispute and the company’s provisioning for it are available in Integral’s Annual Report. The announcement was approved for release by the Company Secretary, John Merity.
IDX has appointed legal counsel and will update the market as the litigation progresses. Shareholders seeking more information can contact John Merity, Company Secretary, directly.
