LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation on behalf of SCWorx Corp. ("SCWorx" or the Company") (NASDAQ: WORX) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On April 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 $35M per week.”
On this news, the Company’s share price increased by $9.77, to close at $12.02 per share on April 13, 2020.
Then, on April 17, 2020, Hindenburg Research issued a report doubting the validity of the deal, calling it "completely bogus," considering Chief Executive Officer Marc Schessel's checkered past, questionable credibility of supplier Promedical, and the relatively small size of its client Rethink My Healthcare.
On this news, the Company’s share price fell sharply during trading on April 17, 2020, thereby injuring investors. On April 22, 2020, the SEC halted trading of the Company’s stock.
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If you purchased SCWorx securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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