Pomerantz LLP announces that a class action lawsuit has been filed against Mazor Robotics Ltd. (“Mazor” or the “Company”) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-04422, is on behalf of a class consisting of investors who purchased or otherwise acquired Mazor’s American Depositary Receipts (“ADRs”) securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
Mazor is a medical device company that purportedly develops and markets innovative surgical guidance systems and complementary products. The Company claims that its expertise is computerized and imaging-based systems, primarily in the field of spine surgery, and that its Surgical Guidance Systems enable surgeons to advance from freehand surgical procedures to accurate, pre-planned, state-of-the-art, precision guided procedures.
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, Defendants made false and/or misleading statements and/or failed to disclose that: (i) that the Company was engaged in conduct that subjected it to ISA investigation; (ii) that, as such the Company was exposed to potential liability; and (iii) as a result of the foregoing, Mazor’s public statements were materially false and misleading at all relevant times.
On June 8, 2017, Mazor disclosed to investors that the Israel Securities Authority (“ISA”) had conducted a search at the Company’s offices in May 2017 and questioned certain of Mazor’s officers in connection with an ISA investigation.
On this news, Mazor’s ADR price fell $3.70, or 9.9%, to close at $33.67 on June 8, 2017. The next day, the ADR price continued to decline, falling another $3.08, or 9.1%, to close at $30.59 on June 9, 2017.