9/16, 1:24 PM (Source: TeleTrader)
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Nanox slams Citron after stock fraud accusation

Nanox Imaging accused Citron Research of writing "misleading speculations" about its stock after the online stock commentary website described Nanox as "the most blatant stock promotion we have seen in years."

In its report published earlier this week, Citron called on the Securities and Exchange Commission (SEC) to investigate the medical imaging technology company, saying Nanox had no research and development and no product, despite having a $2 billion market cap. Additionally, Citron set Nanox's target price at $0.

Nanox, which went public in August, reached its all-time high stock price of $66.67 on September 11. However, after the publication of Citron's report the stock started to plummet. Nanox shares went for $34.94, dropping over 8% in premarket trade on Wednesday.

Breaking the News / VP