According to the Complaint, Nano-X Imaging Ltd. is a development-stage company that develops, produces, and commercializes digital X-ray source technology for the medical imaging industry worldwide. The Company is developing a purportedly new, affordable, medical imaging system, which Nano-X refers to as its “Nanox System”. The Nanox System has two integrated components—a hardware component called the “Nanox.ARC”, and a software component called the “Nanox.CLOUD”. The Nanox.ARC purportedly uses a novel X-ray source, also developed by the Company.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Nano-X’s commercial agreements and its customers were fabricated; (ii) 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; (iii) Nano-X’s submission to the U.S. Food and Drug Administration (“FDA”) admitted the Nanox System was not original; and (iv) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
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