NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Ohio on behalf of all investors that purchased ViewRay, Inc. (NASDAQ: VRAY) securities between March 15, 2019 and August 8, 2019 (“the “Class Period”). Investors have until November 12, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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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, the price of ViewRay common stock price declined by more than 50%, or $3.64 per share, to close down at $3.10 per share on August 9, 2019.
The complaint, filed on September 13, 2019, alleges that throughout the Class Period defendants issued materially false and misleading statements that failed to disclose adverse facts concerning the company’s business, operations and financial results. Specifically: (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.
If you purchased ViewRay securities during the Class Period, are a long-term stockholder, have information, 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 Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the ViewRay lawsuit, please go to https://bespc.com/vray. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.