HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Reminds Nano-X Imaging (NNOX) Investors of Securities Fraud Class Action, Encourages Investors with Losses to Contact the Firm
October 26, 2020 at 17:18 PM EDT
SAN FRANCISCO, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges Nano-X Imaging Ltd. (NASDAQ: NNOX) investors to contact the firm now. A securities fraud class action has been filed and certain investors may have valuable claims.
Nano-X Imaging (NNOX) Securities Class Action:
The complaint alleges that throughout the Class Period, Defendants concealed that Nano-X’s: (1) commercial agreements and customers were fabricated; (2) statements regarding its novel Nanox System were misleading; and (3) Nano-X’s submission to the FDA admitted the Nanox System was not original.
Investors allegedly began to learn the truth on Sept. 15, 2020, when Citron Research published a report accusing Nano-X of conducting “the most blatant stock promotion we have seen in years.” Citron challenged Nano-X’s claimed new innovative technology, stating “we have not even seen proof of the product and have only seen a mockup drawing of what this machine is supposed to look like.” Citron also alleged that Nano-X’s commercial agreements “appear to be no more than fake customers.”
Following this report, the price of Nano-X shares crashed sharply lower.
Then, on Sept. 17, 2020 Empire Financial Research issued a report, stating that Nano-X looks like “Theranos 2.0” and that “this stock is worthless.”
Finally, on Sept. 22, 2020 Muddy Waters published a report concluding that Nano-X “is a much bigger piece of garbage than Nikola will ever be,” based on interviews with radiologists and purported distributors. Muddy Waters stated Nano-X’s ARC device “appears to be little more than a futuristic movie prop” and “[i]n fact, an Israeli company that designed a pickup truck used in the movie Jurassic World claims credit for its design.”
“We’re focused on investors’ losses and proving Nano-X misrepresented the status of its X-ray source and commercial agreements,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Nano-X investor or may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Nano-X should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email NNOX@hbsslaw.com.
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