Nano-X Imaging Ltd. (NNOX) Misrepresented Nanox.ARC’s Regulatory and Commercial Prospects
A shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Nano-X Imaging Ltd. (NASDAQ: NNOX) securities between June 17, 2021 and August 18, 2021, for violations of the Securities Exchange Act of 1934. Nano-X develops, produces, and commercializes digital X-ray source technology for the medical imaging industry worldwide. The Company is developing the “Nanox.ARC,” an imaging system that uses a purportedly novel X-ray source, also developed by the Company.
According to the complaint, on June 17, 2021, Nano-X submitted a 510(k) submission to the U.S. Food and Drug Administration (the “FDA”) for its multi-source version of Nanox.ARC. Following this submission, defendants touted Nanox.ARC’s regulatory and commercial prospects in various public statements and SEC filings. On August 19, 2021, Nano-X reported that the Company “received a request for additional information from the [FDA] concerning the Company’s last 510(k) submission of its multi-source device, Nanox. ARC[,]” and that “[t]he submission filed is placed on hold pending a complete response to the FDA’s latest list of deficiencies[,]” with “[t]he Company’s response … due within 180 days from the date of the request for additional information.” On this news, Nano-X’s share price fell $2.25 per share, or 9.5%, to close at $21.43 per share on August 19, 2021.
If you purchased shares of Nano-X Imaging Ltd. (NNOX) between June 17, 2021 and August 18, 2021, you have until December 6, 2021, to ask the court to appoint you lead plaintiff for the class.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.