Nano-X Imaging Ltd.
|Company Name||Nano-X Imaging Ltd.|
|Class Period||August 21, 2020 to September 15, 2020|
|Lead Plaintiff Motion Deadline||November 16, 2020|
On September 15, 2020, Citron Research published a report alleging, among other things, that Nano-X “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, the Company’s share price fell $11.21, or nearly 23%, to close at $38.00 per share on September 15, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 (“FDA”) admitted the Nanox System was not original; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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