The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Nano-X Imaging Ltd. (NNOX) Investors

LOS ANGELES, Oct. 22, 2020 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Nano-X Imaging Ltd. ("Nano-X" or the "Company") (NASDAQ: NNOX) securities between August 21, 2020 and September 15, 2020,  inclusive (the "Class Period"). Nano-X investors have until November 16, 2020 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On September 15, 2020, Citron Research published a report alleging, among other things, that Nano-X "is nothing more than a science project with a simple rendering, minimal R&D, fake customers, no FDA approval, and fraudulent claims that are beyond the realm of possibility."

On this news, the Company's share price fell $11.21, or nearly 23%, to close at $38.00 per share on September 15, 2020, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Nano-X's commercial agreements and its customers were fabricated; (2) Nano-X's statements regarding its novel Nanox System were misleading as the Company never provided data comparing its images with images from competitors machines; (3) Nano-X's submission to the U.S. Food and Drug Administration (FDA) admitted the Nanox System was not original; and (4) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased Nano-X securities during the Class Period, you may move the Court no later than November 16, 2020 to ask the Court to appoint you as lead plaintiff.  To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.  If you purchased Nano-X securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com.  If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE The Law Offices of Frank R. Cruz, Los Angeles