NEW YORK, NY -- (Marketwire) -- 08/05/09 -- Shalov Stone Bonner & Rocco LLP announces that
a class action lawsuit has been filed on behalf of purchasers of the common
stock of Accuray Incorporated ("Accuray" or the "Company") (NASDAQ: ARAY)
between February 7, 2007 and August 19, 2008, inclusive (the "Class
Period"). Also included are purchasers of Accuray common stock pursuant or
traceable to the Company's Initial Public Offering on or about February 7,
2007. The lawsuit is pending in the United States District Court for the
Northern District of California.
The complaint alleges that, throughout the Class Period, the defendants
made false and misleading statements concerning Accuray's financial
performance, but failed to disclose that: Accuray amended its definition of
backlog to include both contingent and non-contingent contracts; that a
considerable percentage of contingent and non-contingent orders for the
CyberKnife system that did not have a high probability of being booked as
revenue were reported as backlog; Accuray's backlog was overstated by at
least $127 million; Accuray sales personnel entered into contingent
contracts for CyberKnife systems that did not have a high probability of
being booked as revenue; the Company lacked adequate internal controls and
procedures to ensure that potential orders reported as backlog had a
substantially high probability of being booked as revenue; and that based
on the foregoing, defendants did not have a reasonable basis for their
positive statements about Accuray, its backlog, earnings, operations and
prospects.
Shalov Stone Bonner & Rocco LLP has extensive experience in the prosecution
of class actions on behalf of investors. For more information about the
firm, please visit its website at: www.lawssb.com
If you would like additional information about the lawsuit or would like to
participate in it, please contact investor rights attorney Amanda C.
Scuder, at Shalov Stone Bonner & Rocco LLP, 485 Seventh Avenue, Suite 1000,
New York, New York 10018 (telephone: (212) 239-4340; email:
ascuder@lawssb.com).
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT:
Amanda C. Scuder - Attorney
SHALOV STONE BONNER & ROCCO LLP
Telephone: (212) 239-4340
Facsimile: (212) 239-4310
Email: Email Contact
http://www.lawssb.com