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Nano-X Imaging Ltd. (NASDAQ: NNOX) Investor Securities Class Action Lawsuit 09/16/2020

  • If you purchased shares of Nano-X Imaging Ltd. (NASDAQ: NNOX), you have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Nano-X Imaging Ltd.
Security
NASDAQ: NNOX

Case Name
Nano-X Imaging Shareholder Class Action Lawsuit 09/16/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

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Summary

September 16, 2020 - An investor in shares of Nano-X Imaging Ltd. (NASDAQ: NNOX) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Nano-X Imaging Ltd. in connection with certain allegedly false and misleading statements made between August 21, 2020 and September 15, 2020.

Israel based Nano-X Imaging Ltd. engages in developing and producing X-ray source technology for the medical imaging industry in the United States.

On September 15, 2020, Andrew Left, managing editor of Citron Research ( Citron ), published a report entitled Nano-X Imaging (NNOX) A Complete Farce on the Market. The report details a series of alarming red flags about Nano-X Imaging Ltd and predicts the stock is heading to $0.
Specifically, the report concludes by stating that To put things into perspective, 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.

Shares of Nano-X Imaging Ltd. (NASDAQ: NNOX) declined from $66.67 per share on September 11, 2020 to as low as $22.30 per share on September 22, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Nano-X Imaging Ltd. (NASDAQ: NNOX) common shares between August 21, 2020 and September 15, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 21, 2020 and September 15, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Nano-X’s commercial agreements and its customers were fabricated, 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, that Nano-X’s submission to the U.S. Food and Drug Administration (“FDA”) admitted the Nanox System was not original, and that as a result, defendants’ public statements were materially false and/or misleading at all relevant times