Plymouth Cnty Ret Assn v ViewRay Inc
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Plymouth Cnty Ret Assn v ViewRay Inc
Case: l:19-cv-02115-JPC Doc #: 66 Filed: 08/25/21 1OÍ48. UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF OHIO EASTERN DIVISIONPLYMOUTH COUNTY)Case N Plymouth Cnty Ret Assn v ViewRay IncNo. L19-CV-2115RETIREMENT ASSOCIATION.)et al.,)Judge J. Philip Calabrese)Plaintiffs,)Magistrate Judge David A. Ruiz)V.))VIEWRAY. INC., et al.,))Defendants.))OPINION AND ORDERDefendant ViewRay. Inc., is a small medical device company that manufactures MRI-guided radiation systems used to locate, targ Plymouth Cnty Ret Assn v ViewRay Incet, and treat cancer. Plaintiff Plymouth County Retirement Association purchased View Ray commonstock on the NASDAQ stock exchange. After ViewRay’s stPlymouth Cnty Ret Assn v ViewRay Inc
ock price dropped in late2019. Plaintiff sued ViewRay and various current and former executives for securitiesfraud. Defendants move to dismiss (ECFNoCase: l:19-cv-02115-JPC Doc #: 66 Filed: 08/25/21 1OÍ48. UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF OHIO EASTERN DIVISIONPLYMOUTH COUNTY)Case N Plymouth Cnty Ret Assn v ViewRay Inc complaint.STATEMENT OF FACTSTaking the facts alleged in the second amended complaint as true and construing them in favor of the non-moving party, Plaintiff bases its claims in this putative class action on the following facts.1Case: l:19-cv-02115-JPC Doc #: 66 Filed: 08/25/21 2 of 48. A.View Ray’s Plymouth Cnty Ret Assn v ViewRay Inc Business and ProductsViewRay manufactures and markets the Linac MRIdian, which uses magnetic resonance imaging technology paired with a radiation beaPlymouth Cnty Ret Assn v ViewRay Inc
m to image and treat cancer at the same time. (ECF No. 55. r 30. PagelD #1262.) This product represents an upgrade over an earlier first-generation prCase: l:19-cv-02115-JPC Doc #: 66 Filed: 08/25/21 1OÍ48. UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF OHIO EASTERN DIVISIONPLYMOUTH COUNTY)Case N Plymouth Cnty Ret Assn v ViewRay Incrities approved the MRIdian device between 2016 and 2018. and the Food and Drug Administration approved it for use in the United States in February 2017. (Id.) Nearly all of ViewRay’s revenue relates to the sale of MRIdian systems. (Id.. 31.)An MRIdian system costs approximately 86 million and is su Plymouth Cnty Ret Assn v ViewRay Incbstantially more expensive than some competing systems that provide radiation therapy without the MRI feature that distinguishes ViewRay’s product. (IPlymouth Cnty Ret Assn v ViewRay Inc
d.. r 32, PagelD #1262-63.) By the same token, however, a comparable competitive product that combines radiation therapy and MRI sells for about the sCase: l:19-cv-02115-JPC Doc #: 66 Filed: 08/25/21 1OÍ48. UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF OHIO EASTERN DIVISIONPLYMOUTH COUNTY)Case N Plymouth Cnty Ret Assn v ViewRay Inc as vault readiness. (Id.. T 36. PagelD #1264.) Installation and calibration take an additional sixty to ninety days. (Id.. PagelD #1265.) For ViewRay. the time between placement of an order to completion of installation, at which point the company recognizes revenue from the transaction for account Plymouth Cnty Ret Assn v ViewRay Incing purposes, takes between twelve and eighteen months. (See id.; id., 37 & 38.)In July 2015. ViewRay went public through a reverse merger and privatePlymouth Cnty Ret Assn v ViewRay Inc
placement and trades on the NASDAQ under the symbol "VRAY." (EOF No. 55. ÍI5 2.2Case: l:19-cv-02115-JPC Doc #: 66 Filed: 08/25/21 3 of 48. 19. 28, PaCase: l:19-cv-02115-JPC Doc #: 66 Filed: 08/25/21 1OÍ48. UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF OHIO EASTERN DIVISIONPLYMOUTH COUNTY)Case N Plymouth Cnty Ret Assn v ViewRay Incpublic offerings of common stock. (See id.. • * 33-33e.) In July. November, and December 2019. Plymouth purchased ViewRay common stock on the open market at prices ranging from 89.16 per share (on July 19. 2019) to S3.13 (on December 1.2019). (See ECF No. 28. PageiD # 126.)B. ViewRay’s Officers and Plymouth Cnty Ret Assn v ViewRay IncDirectorsThe second amended complaint names the following ViewRay officers and directors as Defendants:President and CEO. Since June 24.2018. Scott DrPlymouth Cnty Ret Assn v ViewRay Inc
ake has served as ViewRays President and Chief Executive Officer and holds a seat on Its board of directors. (ECF No. 55. r 21. PageID#1259.)Chief FinCase: l:19-cv-02115-JPC Doc #: 66 Filed: 08/25/21 1OÍ48. UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF OHIO EASTERN DIVISIONPLYMOUTH COUNTY)Case N Plymouth Cnty Ret Assn v ViewRay Inc at n 22. PagelD #1259-60.)Chief Scientific Officer. James Dempsey founded ViewRay and selves as the company’s Chief Scientific Officer: he also sits on its board, (id. at • 23. PagelD #1260.)Chief Operating Officer. Since June 24, 2018, Shall ria r Malin lias been ViewRay’s Chief Operating Officer. Plymouth Cnty Ret Assn v ViewRay Inc (Id., 5 25, PageTD #1261.)Former President and CEO. From February 4, 2013, uni il July 22, 2018, Chris Raanes served as ViewRay’s President and ChiefPlymouth Cnty Ret Assn v ViewRay Inc
Executive Officer and as a member of the board. (Id. at 5 24, PagelD #1260.)3Case: l:19-cv-02115-JPC Doc #: 66 Filed: 08/25/21 4 of 48. Case: l:19-cv-02115-JPC Doc #: 66 Filed: 08/25/21 1OÍ48. UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF OHIO EASTERN DIVISIONPLYMOUTH COUNTY)Case NCase: l:19-cv-02115-JPC Doc #: 66 Filed: 08/25/21 1OÍ48. UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF OHIO EASTERN DIVISIONPLYMOUTH COUNTY)Case NGọi ngay
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