NNOX - Nano-X Deadline Alert: Faruqi & Faruqi LLP Encourages Investors Who Suffered Losses Exceeding $50000 In Nano-X Imaging Ltd. To Contact The Firm
New York, New York--(Newsfile Corp. - September 22, 2020) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Nano-X Imaging Ltd. ("Nano-X" or the "Company") (NASDAQ: NNOX) of the November 16, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in NANO-X stock or options between August 21, 2020 and September 15, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/NNOX. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Nano-X securities between August 21, 2020 and September 15, 2020 (the "Class Period"). The case, White v. Nano-X Imaging Ltd., et al., No. 20-cv-04355 was filed on September 16, 2020.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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 ("FDA") 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.
Specifically, 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 fell $12.41 per share, or more than 25%, over the next two trading days.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Nano-X's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64335