Shareholder Alert: Robbins LLP Announces SCWorx Corp. (WORX) Sued for Misleading Shareholders
May 05 2020 - 7:07PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of SCWorx Corp. (NASDAQ: WORX) filed a class action
complaint against the Company for alleged violations of the
Securities Exchange Act of 1934 between April 13, 2020 and April
17, 2020. SCWorx provides software solutions for the management of
health care providers' foundational business applications.
If you suffered a loss as a result of SCWorx's misconduct, click
here.
SCWorx Corp. (WORX) Accused of Misleading
Shareholders
According to the complaint, on April 13, 2020, SCWorx announced
it had received a committed purchase order of two million COVID-19
rapid testing kits, "with provision for additional weekly orders of
2 million units for 23 weeks, valued at $35M per week." On this
news, SCWorx's share price experienced an impressive 81% increase,
closing at $12.02 per share. Then, on April 17, 2020, Hindenburg
Research issued a report doubting the validity of the deal, calling
it "completely bogus" and stating the test supplier was "laden with
red flags" and that the CEO allegedly "falsified his medical
credentials." On this news, SCWorx's share price fell $1.19 per
share, or more than 17%, over three consecutive trading sessions to
close at $5.76 per share on April 21, 2020. Consequently, on April
22, 2020, the SEC halted trading of the Company's stock. Trading of
the stock has remained halted since.
If you purchased SCWorx Corp. (WORX) securities between April
13, 2020 and April 17, 2020, you have until June 29, 2020, to ask
the court to be appointed lead plaintiff for the class.
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200505006119/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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