|Company name||Nano-X Imaging Ltd.|
|Status||Class Action Complaint Filed|
NEW YORK, October 14, 2020 – Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Nano-X Imaging Ltd. (NASDAQ: NNOX) securities between August 21, 2020 and September 15, 2020 (the “Class Period”). Investors have until November 16, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On September 15, 2020, Citron Research (“Citron”) published the report entitled, “Nano-X Imaging (NNOX) A Complete Farce on the Market – Theranos 2.0” (the “Citron Report”). The Citron Report summarized Nano-X as “this $3 billion company is nothing more than a science project with a simple rendering, minimal R&D, fake customers, no FDA approval, and fraudulent claims that are beyond the realm of possibility.”
On this news, Nano-X’s stock price fell $12.41 per share, or more than 25%, over the next two trading days to close at $36.80 per share on September 16, 2020.
The complaint, filed on September 16, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Nano-X’s commercial agreements and its customers were fabricated; (2) Nano-X’s statements regarding its “novel” Nanox System were misleading as the Company never provided data comparing its images with images from competitors’ machines; (3) Nano-X’s submission to the U.S. Food and Drug Administration admitted the Nanox System was not original; and (4) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Nano-X shares during the Class Period and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.