NNOX Stock: Berger Montague Updates Investors on Its Investigation Into Alleged Securities Fraud Claims Against Nano-X Imaging Ltd. (NNOX); Lead Plaintiff Deadline is November 16, 2020
PHILADELPHIA, Oct. 22, 2020 – Berger Montague is investigating potential securities fraud claims against Nano-X Imaging Ltd. (“Nano-X” or the “Company”) on behalf of investors who purchased Nano-X securities (NASDAQ: NNOX) between August 21, 2020 and September 15, 2020 (the “Class Period”). This investigation now includes charges made by a second research firm, Muddy Waters Research.
If you purchased Nano-X securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague’s investigation, please contact attorneys Andrew Abramowitz at firstname.lastname@example.org or (215) 875-3015, or Donnell Much at email@example.com or (215) 875-4667, or contact us at www.bergermontague.com/nano-x.
According to a recently filed lawsuit, Nano-X and its executives concealed from investors the fact that the Company’s commercial agreements and customers were fabricated, statements regarding the purportedly innovative Nanox System were misleading, and its submission to the FDA in fact admitted the Nanox System was not original.
The complaint claims that investors began to learn the true state of the Company’s operations on September 15, 2020, when Citron Research published a report accusing Nano-X of conducting “the most blatant stock promotion we have seen in years.” Citron asserted that “we have not even seen proof of [purportedly new and innovative technology] and have only seen a mockup drawing of what this machine is supposed to look like.” Citron also accused Nano-X of reporting “fake customers” to bolster its appearance of robust commercial agreements.
Following this report, shares of Nano-X fell sharply, dropping $12.41 per share – approximately 25% – over the next two trading days to a closing price of $36.80 on September 16, 2020.
Thereafter, on September 22, 2020, Muddy Waters Research issued its own scathing report on the Company, joining in the attacks leveled by Citron and accusing Nano-X of “ha[ving] no real product to sell other than its stock.” On that news, shares fell an additional 20%.
If you purchased Nano-X shares during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is November 16, 2020. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding Nano-X Imaging Ltd. are encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.