WILMINGTON, DE / ACCESSWIRE / September 16, 2019 / Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of ViewRay, Inc. (NASDAQ GS: VRAY)?
- Did you purchase your shares between March 15, 2019 and August 8, 2019, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of Ohio on behalf of all persons or entities that purchased the common stock of ViewRay Inc. (“ViewRay” or the “Company”) (NASDAQ GS:VRAY) between March 15, 2019 and August 8, 2019, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of ViewRay during the Class Period, or purchased shares prior to the Class Period and still hold ViewRay, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public: (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 the Company’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. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, 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, shares of ViewRay fell over 54%, closing at $3.10 per share on August 9, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than November 12, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Timothy J. MacFall
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
[email protected]
http://www.rigrodskylong.com
SOURCE: Rigrodsky & Long, P.A.