SAN DIEGO--(BUSINESS WIRE)--The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of SC Health Corporation (“SC Health”) (NYSE: SCPE; NYSE: SCPE.WS; NYSE: SCPE.U) and Rockley Photonics Holdings Limited (“Rockley”) (NYSE: RKLY; NYSE: RKLY.WS) securities between March 19, 2021 and January 23, 2023, both dates inclusive (the “Class Period”) and purchasers directly in the March 2021 private investment in public equity of Rockley shares (the “PIPE Offering”) conducted in connection with the merger of SC Health and Rockley (the “Merger”) have until January 8, 2024 to seek appointment as lead plaintiff of the Rockley class action lawsuit. Captioned Grossman v. Sin, et al., No. 23-cv-9501 (C.D. Cal.), the Rockley class action lawsuit charges SC Health Holdings Limited, SC Health Group Limited, SIN Capital Group Pte. Ltd. as well as certain of SC Health, SIN Capital Group Pte. Ltd., and Rockley’s top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Rockley class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Rockley specializes in the research and development of integrated silicon photonics chipsets and modules for sensory and communications products. SC Health was a special purpose acquisition company – commonly known as a “SPAC” or “blank-check company.”
The Rockley class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Rockley’s joint venture agreement (“JV Agreement”) with Hengtong Rockley Technology Co., Ltd. was in jeopardy because Jiangsu Hengtong Optic-Electric Co., Ltd. (“Hengtong”), Rockley’s joint venture partner, had acquired a majority interest in a company, Huawei Marine Networks Co., Ltd. (“Huawei Marine”) (later renamed HMN Tech), on the banned entities list maintained by the U.S. Bureau of Industry and Security of the U.S. Department of Commerce since 2019; (ii) the JV Agreement was in further jeopardy because in February 2021 the World Bank had invalidated a bid by Huawei Marine to build an undersea optical cable based on security concerns raised by the United States and other countries that China could use the infrastructure to spy on communications; (iii) the materially undisclosed risk that the JV Agreement could fail as a result of Hengtong’s acquisition of a majority interest in HMN Tech jeopardized Rockley’s joint venture revenues, launch schedule, business prospects, and ultimately Rockley’s solvency; (iv) Rockley did not have the customer base or customer commitments that defendants had represented to investors; and (v) Rockley did not have sufficient customer orders to allow it to develop and commercialize products, maintain and expand client relationships, reach cash flow break-even, or stave off bankruptcy following the Merger.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased SC Health and Rockley securities during the Class Period and purchasers directly in the PIPE Offering conducted in connection with the Merger to seek appointment as lead plaintiff in the Rockley class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Rockley class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Rockley class action lawsuit. An investor’s ability to share in any potential future recovery of the Rockley class action lawsuit is not dependent upon serving as lead plaintiff.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.