NEW YORK, Sept. 17, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law firm,
announces that a securities class action has been filed on behalf
of investors that purchased or acquired the securities of ViewRay
Inc. ("ViewRay" or the "Company") (NASDAQ: VRAY) between
March 15, 2019 and August 8, 2019, inclusive (the "Class Period").
The lawsuit filed in the United
States District Court for the Northern District of
Ohio alleges violations of the
Securities Exchange Act of 1934.
If you purchased ViewRay securities, and/or would like to
discuss your legal rights and options please visit ViewRay
Shareholder Class Action or contact Matthew
E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
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: (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
ViewRays 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 16 times the average volume over
the preceding ten trading days.
If you wish to serve as lead plaintiff, you must move the Court
no later than November 12, 2019. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
If you purchased ViewRay securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/viewrayinc-vray-shareholder-class-action-lawsuit-stock-fraud-180/apply/or
contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP