All investors who purchased sharesofSCWorx Corp.and incurred losses are urgedto contact the firm immediately atclassmember@whafh.comor (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action orjoin the caseon our website,www.whafh.com.
If you have incurred losses in the sharesof SCWorx Corp.,youmay,no later thanJune 29, 2020,request that the Court appoint you lead plaintiff of the proposed class.
OnApril 13, 2020, before the market opened, SCWorx announced that 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$35Mper week.”
On this news, the Company’s shares closed at$12.02per share, up$9.77, onApril 13, 2020.
OnApril 17, 2020, Hindenburg Research issued a report doubting the validity of the deal, calling it“completely bogus.”Hindenburg Research alleged that the COVID-19 test supplier that SCWorx is buying from, Promedical, has a Chief Executive Officer“who formerly ran another business accused of defrauding its investors and customers”and“was also alleged to have falsified his medical credentials.”According to the report, Promedical claimed to the FDA and regulators inAustraliato be offering COVID-19 test kits manufactured by Wondfo, but Wondfo“disavowed any relationship”and the buyer that SCWorx claimed to have lined up does not appear to be“capable of handling hundreds of millions of dollars in orders.”
On this news, the Company’s share price fell$1.19, or more than 17%, over three consecutive trading sessions to close at$5.76per share onApril 21, 2020, on unusually heavy trading volume.
OnApril 22, 2020, the SEC halted trading of the Company’s stock and it has remained halted as of today.
Wolf Haldensteinhas extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices inNew York,Chicagoand San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
Contact Information:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
Tags:
, Wire, Legal Newswire, United States, English
Contact Information:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

