LOS ANGELES, Aug. 28, 2009 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased the common stock of Accuray Incorporated ("Accuray" or the "Company") (Nasdaq:ARAY) pursuant and/or traceable to the Company's Initial Public Offering commencing on or about February 7, 2007 (the "IPO"), including purchasers of the Company's common stock between February 7, 2007 and August 19, 2008, inclusive (the "Class Period"), have only 31 days until the September 21, 2009, deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Whitten v. Accuray Incorporated, et al., No. 09-cv-03637, has been assigned to the Honorable Vaughn R. Walker, United States District Judge for the Northern District of California.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com.
Accuray designs, develops and sells the CyberKnife system, an image-guided, robotic radio surgery system for the treatment of solid tumors. The Complaint charges Accuray and certain of its executive officers and directors with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, among other things, and further alleges that throughout the Class Period defendants failed to disclose material adverse information concerning Accuray's business, operations and prospects, including that: (a) defendants overstated the amount of the Company's backlog by millions of dollars; (b) defendants reported as backlog a large percentage of contingent and non-contingent orders for the CyberKnife system that did not have a substantially high probability of being booked as revenue; (c) Accuray sales personnel entered into contingent contracts for CyberKnife systems that did not have a substantially high probability of being booked as revenue; (d) Accuray did not have adequate internal controls and procedures to ensure that potential orders reported as backlog had a substantially high probability of being booked as revenue; and (e), based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's backlog, operations and financial condition.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing Accuray common stock pursuant to the Company's IPO, and/or during the Class Period described above, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the September 21, 2009 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing shareholders of Accuray in this litigation.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, or Richard A. Maniskas, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.