Rosen Law Firm has filed the suit on behalf of people who were ViewRay stockholders from March 2019 to August 2019, stating that the company "made false and/or misleading statements and/or failed to disclose" the following:
- Demand for ViewRay systems had decreased, due in part to changes made to Medicare reimbursement policies first announced in November 2018 that could make purchases of new ViewRay systems less profitable for customers.
- ViewRay's reported backlog was overstated.
As a result of these two alleged disclosure failures, the company's public statements were false and misleading and led to investors suffering damages, Rosen said.
Several other law firms have also filed litigation against ViewRay. The company's stock fell 56% in August after it reported lackluster second-quarter financial results, according to an article from the Motley Fool. The company's stock closed at $3.41 per share on September 19, down almost 5%.
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