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") (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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/vray-class-action-alert-bernstein-liebhard-llp-announces-the-filing-of-a-securities-class-action-lawsuit-against-viewray-inc-300919937.html