{"id":9848,"date":"2020-05-07T08:23:04","date_gmt":"2020-05-07T08:23:04","guid":{"rendered":"https:\/\/icrowdnewswire.com\/2020\/05\/07\/scworx-corp-is-still-halted-for-trading-wolf-haldenstein-adler-freeman-herz-llp-reminds-all-investors-that-a-securities-class-action-lawsuit-has-been-filed-in-the-united-states-district-court-for\/"},"modified":"2020-05-07T08:23:04","modified_gmt":"2020-05-07T08:23:04","slug":"scworx-corp-is-still-halted-for-trading-wolf-haldenstein-adler-freeman-herz-llp-reminds-all-investors-that-a-securities-class-action-lawsuit-has-been-filed-in-the-united-states-district-court","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/05\/07\/scworx-corp-is-still-halted-for-trading-wolf-haldenstein-adler-freeman-herz-llp-reminds-all-investors-that-a-securities-class-action-lawsuit-has-been-filed-in-the-united-states-district-court\/","title":{"rendered":"SCWORX CORP. IS STILL HALTED FOR TRADING: Wolf Haldenstein Adler Freeman & Herz LLP reminds all investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against SCWorx Corp."},"content":{"rendered":"
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NEW YORK<\/span>,Wolf Haldenstein Adler Freeman<\/span>& Herz LLPannounces that a federal securities class action lawsuit has been filed inthe United States<\/span>District Court for the Southern District ofNew York<\/span>on behalf of investors who purchased the securities of SCWorx Corp. (NASDAQ:WORX) (“SCWorx” or the “Company”) betweenApril 13, 2020<\/span>andApril 17, 2020<\/span>, inclusive (the “Class Period”).<\/div>\n<\/div>\n<\/header>\n
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All investors who purchased shares<\/strong>of<\/strong>SCWorx Corp.<\/strong>and incurred losses are urged<\/strong>to 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.<\/strong><\/p>\n

If you have incurred losses in the sharesof SCWorx Corp.,you<\/strong>may,<\/strong>no later thanJune 29, 2020<\/span><\/strong>,<\/strong>request that the Court appoint you lead plaintiff of the proposed class.<\/p>\n

OnApril 13, 2020<\/span>, 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$35M<\/span>per week.”<\/em><\/p>\n

On this news, the Company’s shares closed at$12.02<\/span>per share, up$9.77<\/span>, onApril 13, 2020<\/span>.<\/p>\n

OnApril 17, 2020<\/span>, Hindenburg Research issued a report doubting the validity of the deal, calling it“completely bogus.”<\/em>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”<\/em>and“was also alleged to have falsified his medical credentials.”<\/em>According to the report, Promedical claimed to the FDA and regulators inAustralia<\/span>to be offering COVID-19 test kits manufactured by Wondfo, but Wondfo“disavowed any relationship”<\/em>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.”<\/em><\/p>\n

On this news, the Company’s share price fell$1.19<\/span>, or more than 17%, over three consecutive trading sessions to close at$5.76<\/span>per share onApril 21, 2020<\/span>, on unusually heavy trading volume.<\/p>\n

OnApril 22, 2020<\/span>, the SEC halted trading of the Company’s stock and it has remained halted as of today.<\/p>\n

Wolf Haldenstein<\/span>has 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<\/span>,Chicago<\/span>and 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.<\/p>\n<\/div>\n<\/div>\n<\/section>\n

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See Campaign: <\/strong>http:\/\/www.whafh.com<\/a>
Contact Information:<\/b>
Wolf Haldenstein Adler Freeman & Herz LLP
\nKevin Cooper, Esq.
\nGregory Stone, Director of Case and Financial Analysis
\nEmail: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
\nTel: (800) 575-0735 or (212) 545-4774<\/p>\n

Tags:<\/b>
<\/a>, Wire<\/a>, Legal Newswire<\/a>, United States<\/a>, English<\/a><\/p>\n

\"image\"<\/div>\n

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Contact Information:<\/h3>\n

Wolf Haldenstein Adler Freeman & Herz LLP
\nKevin Cooper, Esq.
\nGregory Stone, Director of Case and Financial Analysis
\nEmail: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
\nTel: (800) 575-0735 or (212) 545-4774<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, Wolf Haldenstein Adler Freeman & Herz LLP  announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased   the securities of SCWorx Corp. (NASDAQ: WORX) (“SCWorx” or the “Company”) between April 13, 2020 and April 17, 2020, inclusive (the “Class Period”). All  investors who … Continue reading SCWORX CORP. IS STILL HALTED FOR TRADING: Wolf Haldenstein Adler Freeman & Herz LLP reminds all investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against SCWorx Corp.<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12,22,54],"tags":[],"class_list":["post-9848","post","type-post","status-publish","format-standard","hentry","category-english","category-legal-newswire","category-united-states","category-wire"],"yoast_head":"\nSCWORX CORP. 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