NEW YORK--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP filed a class action lawsuit on behalf of purchasers of ViewRay, Inc. (NASDAQ:VRAY) common stock between March 15, 2019 and August 8, 2019 (the “Class Period”) in the U.S. District Court for the Northern District of Ohio. The case is captioned Corwin v. ViewRay, Inc., No. 19-cv-2115, and is assigned to Judge James S. Gwin. The ViewRay class action lawsuit charges ViewRay and three of its executive officers with violations of the Securities Exchange Act of 1934. Lead plaintiff motions for the ViewRay class action lawsuit must be filed with the court no later than November 12, 2019.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased ViewRay common stock during the Class Period to seek appointment as lead plaintiff in the ViewRay class action lawsuit. A lead plaintiff acts on behalf of all other class members in directing the ViewRay class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the ViewRay class action lawsuit. An investor’s ability to share in any potential future recovery of the ViewRay class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the ViewRay class action lawsuit or have questions concerning your rights regarding the ViewRay class action lawsuit, please visit our website by clicking here or contact counsel Brian E. Cochran or Mary K. Blasy at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org or email@example.com.
ViewRay specializes in the development of MRI-guided radiation therapy technology for the treatment of cancer. The ViewRay class action lawsuit alleges that throughout the Class Period, defendants issued materially false and misleading statements that failed to disclose adverse facts concerning ViewRay’s business, operations, and financial results. Specifically, defendants failed to disclose: (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 ViewRay’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.
On August 8, 2019, after the close of trading, ViewRay disclosed operational issues and slashed its previously issued full fiscal year 2019 financial guidance. In response to this news, the price of ViewRay common stock declined by more than 50% to close at $3.10 per share on August 9, 2019.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For six consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.