ViewRay, Inc. (Nasdaq: VRAY)
A class action has been filed in the United States District Court for the Northern District of Ohio on behalf of purchasers of ViewRay, Inc. (Nasdaq: VRAY) securities during the period between March 15, 2019 to August 8, 2019 (the “Class Period”).
The complaint 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.
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 price declined by more than 50%, or $3.64 per share, to close down at $3.10 per share on August 9, 2019, on unusually high trading volume of more than 26.6 million shares trading, or nearly 16x the average volume over the preceding ten trading days.
If you are a current shareholder and/or purchased stock during the period between March 15, 2019 to August 8, 2019, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.