Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Action Against ViewRay, Inc. (VRAY)
Sep 18, 2019
Legal Newswire POWERED BY LAW.COM
NEW YORK, -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against ViewRay, Inc. ("ViewRay" or the "Com-pany") (NASDAQ: VRAY), and certain other defendants, related to alleged violations of federal securities laws. If you purchased ViewRay common stock between March 15, 2019 to August 8, 2019, you are encouraged to contact a Scott+Scott attorney at (888) 398-9312 for more information.
ViewRay specializes in the development of MRI-guided radiation therapy ("MRgRT") technology for the treatment of cancer.
The lawsuit alleges that defendants issued materially false and misleading statements that failed to disclose adverse facts concerning ViewRay's business, operations, and financial results. Specifically, defendants failed to disclose: (a) that demand for ViewRay systems had declined due in part to changes being made to Medicare reimbursement approaches first announced in November 2019 that could make purchases of new ViewRay systems less profitable for customers; (b) that ViewRay's reported backlog was overstated due to the inclusion of orders with insufficient surety as to permit for their inclusion in reported backlog; and (c) that as a result of the foregoing, defendants' positive statements about ViewRay's business metrics and financial prospects during the Class Period were materially false and misleading and/or lacked a reasonable basis.
On August 8, 2019, after the close of trading, ViewRay disclosed operational issues and slashed its previously issued full fiscal year 2019 financial guidance.
On this news, the price of ViewRay common stock price dropped $3.64 per share – over 50% – to close at $3.10 on August 9, 2019.
What You Can Do
If you purchased ViewRay stock between March 15, 2019 to August 8, 2019, inclusive, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or firstname.lastname@example.org.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
URL : http://scott-scott.com
Contact Information:Jonathan Zimmerman
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17 Floor, New York, NY 10169-1820
Tags: Wire, Legal Newswire, United States, English