HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Nano-X Imaging (NNOX) Investors to Contact Its Attorneys: Securities Fraud Case Filed, Hedge Fund Calls NNOX "Theranos 2.0"
San Francisco, California--(Newsfile Corp. - September 21, 2020) - Hagens Berman urges Nano-X Imaging Ltd. (NASDAQ: NNOX) investors to contact the firm now. A securities fraud class action has been filed.
The complaint alleges that throughout the Class Period, Defendants misrepresented and concealed 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; and (3) Nano-X's submission to the FDA admitted the Nanox System was not original.
Investors allegedly began to learn the truth on Sept. 15, 2020, when Citron Research published a report accusing Nano-X of conducting "the most blatant stock promotion we have seen in years." Citron challenged Nano-X's claimed new innovative technology, stating "we have not even seen proof of the product and have only seen a mockup drawing of what this machine is supposed to look like." Citron also alleged that Nano-X's commercial agreements "appear to be no more than fake customers." Specifically, Citron examined several of Nano-X's purported largest customers, charging that they do not have the operations to satisfy their multi-million dollar commitments.
Following this report, the price of Nano-X shares crashed sharply lower.
Most recently, on Sept. 17, 2020 Empire Financial Research published a report agreeing with Citron, stating that Nano-X looks like "Theranos 2.0" and that "this stock is worthless."
"We're focused on investors' losses and proving Nano-X misrepresented the status of its X-ray source and commercial agreements," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Nano-X investor or may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Nano-X should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email NNOX@hbsslaw.com.
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