[tag]Merge[/tag] Technologies announces the [tag]resignation[/tag] of director and interim CEO William C. Mortimore, Chief Financial Officer Scott T. Veech, and senior vice president of strategic business development David M. Noshay. Following the resignations, the companys stock price fell dramatically.

The company has also announced that it will not meet Nasdaq’s Friday deadline for filing federal reports. Failure to meet this deadline may result in the company’s delisting from the [tag]Nasdaq[/tag], although company officials said they will ask for another extension.

Merge has been conducting an independent [tag]investigation[/tag], and has concluded that all [tag]financial statements[/tag] from fiscal 2002 through fiscal 2005 are unreliable. All of these financial statements will be restated, and a significant portion of revenue recognized in those periods will instead be recognized in late 2005 and early 2006.

A related post about Merge is found here.