NEW YORK, Sept. 17, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in ViewRay, Inc. (“ViewRay” or the “Company”) (NASDAQ: VRAY) of the November 12, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in ViewRay stock or options between March 15, 2019 and August 8, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/VRAY. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of Ohio on behalf of all those who purchased ViewRay securities between March 15, 2019 and August 8, 2019 (the “Class Period”). The case, Corwin v. ViewRay, Inc., No. 19-cv-02115 was filed on September 13, 2019 and has been assigned to Judge James S. Gwin.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by issuing materially false and misleading statements that failed to disclose adverse facts concerning the Company’s business, operations and financial results. Specifically, the lawsuit alleges that defendants failed to disclose the following: (1) 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; (2) 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 (3) 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 this news, ViewRay’s stock fell from $6.74 on August 8, 2019 to $3.10 on August 9, 2019—a $3.64 or a 54% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding ViewRay’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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