May 12, 2015 (Shareholders Foundation) - An investigation on behalf of investors of iCAD Inc (NASDAQ:ICAD) shares over potential securities laws violations by iCAD Inc and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of iCAD Inc (NASDAQ:ICAD) concerning whether a series of statements by iCAD regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

iCAD Inc reported that its annual total Revenue rose from $28.27 million in 2012 to $43.92 million in 2014 and that its Net Loss declined from $9.37 million in 2012 to $1.01 million in 2014.

On May 6, 2015, after the market closed, iCAD Inc announced that announced information related to reimbursement levels. iCAD Inc said that Noridian, the Medicare Administrative Contractor in Jurisdictions E and F, which consists of 13 states primarily on the West Coast, has made recent web postings related to Coding for High Dose Rate Brachytherapy for Non-Melanoma Skin Cancers which instruct physicians to report CPT code (17999) rather than the established CPT code (0182T) for electronic brachytherapy for non-melanoma skin cancers. The Company, industry partners and physician providers have reached out to the Centers for Medicare and Medicaid Services ('CMS') and Noridian to seek clarification of the Medicare Coverage Articles posted to Noridian's web sites.'

Shares of iCAD Inc (NASDAQ:ICAD) dropped from as high as $8.75 per share on May 6, 2015, to as low as $4.28 per share on May 7, 2015.