The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Nano-X Imaging Ltd. ("Nano-X" or the "Company") (NASDAQ: NNOX) securities between June 17, 2021 and August 18, 2021, inclusive (the "Class Period"). Nano-X investors have until December 6, 2021 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On August 19, 2021, Nano-X revealed that it had "received a request for additional information from the U.S. Food and Drug Administration (the ‘FDA’) concerning the Company’s last 510(k) submission of its multi-source device, Nanox.ARC." The 510(k) submission was placed on hold pending the Company’s response.
On this news, the Company’s stock price fell $2.25 per share, or 9.5%, to close at $21.43 per share on August 19, 2021, thereby injuring investors.
The complaint filed 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 510(k) application for the Nanox.ARC was deficient; (2) accordingly, it was unlikely that the FDA would approve the 510(k) application for the Nanox.ARC in its current form; (3) as a result, Nano-X had overstated the Nanox.ARC's regulatory and commercial prospects; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Nano-X securities during the Class Period, you may move the Court no later than December 6, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Nano-X securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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