Boston, Massachusetts--(Newsfile Corp. - November 17, 2021) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Nano-X Imaging Ltd. ("Nano-X" or the "Company") (NASDAQ: NNOX), a development-stage company that develops, produces, and commercializes digital X-ray source technology for the medical imaging industry.
About the Securities Class Action Filed
On October 5, 2021, a securities class action complaint was filed in the Eastern District of New York "on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Nano-X securities between June 17, 2021 and August 18, 2021, both dates inclusive (the 'Class Period')."
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 file is placed on hold pending a complete response to the FDA's 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 ordinary share price fell $2.25 per share, or 9.5%, to close at $21.43 per share on August 19, 2021.
The class action complaint alleges, among other things, that "Defendants made false and/or misleading statements and/or failed to disclose that: (i) Nano-X's 510(k) application for the Nanox.ARC was deficient; (ii) accordingly, it was unlikely that the FDA would approve the 510(k) application for the Nanox.ARC in its current form; (iii) as a result, Nano-X had overstated the Nanox.ARC's regulatory and commercial prospects; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times."
New Developments
On November 17, 2021, Bloomberg reported that shares of Nano-X were trading down in premarket trading after the Company "disclosed that the U.S. Securities & Exchange Commission is conducting an investigation." Bloomberg further reported that the Company "received a subpoena from the SEC requesting documents and other information relating to development cost of Nanox.ARC prototypes and the estimate for the cost of assembling the final Nanox.ARC product at scale."
How to Seek Appointment As Lead Plaintiff
If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later than December 6, 2021. 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 a member of the proposed Class. An investor's ability to share in any potential future recovery is not dependent upon serving as Lead Plaintiff.
A Lead Plaintiff is appointed by the court to represent the members of the putative class in the lawsuit. Typically, the Lead Plaintiff is the applicant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
If you sustained losses in excess of $100,000 from your transactions in Nano-X securities during the Class Period and are interested in learning more about serving as Lead Plaintiff, please provide your information here: https://www.bermantabacco.com/shareholder-contact/?company=Nano-X%20Imaging%20Ltd.&class=06/17/2021%20-%2008/18/2021&ticker=NNAX&plaintiff=12/06/2021.
Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys' fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys' fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys' fees or expenses.
About Berman Tabacco
Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.
This notice may constitute attorney advertising.
Contact:
Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104012
