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Lawsuit filed for Investors in shares of SCWorx Corp. (NASDAQ: WORX)

05-07-2020 12:02 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in SCWorx Corp. (NASDAQ: WORX) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in SCWorx Corp. (NASDAQ: WORX) shares over alleged securities laws violations.

An investor, who purchased shares of SCWorx Corp. (NASDAQ: WORX), filed a lawsuit over alleged violations of Federal Securities Laws by SCWorx Corp.

Investors who purchased shares of SCWorx Corp. (NASDAQ: WORX) have certain options and for certain investors are short and strict deadlines running. Deadline: June 29, 2020. NASDAQ: WORX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

New York based SCWorx Corp. provides software solutions for the management of health care providers' foundational business applications.

On April 13, 2020, SCWorx Corp 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."

Shares of SCWorx Corp. (NASDAQ: WORX) rose on April 13, 2020 to as high as $14.88 per share.

On April 17, 2020, a report was issued doubting the validity of the deal, calling it "completely bogus." The report 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 in Australia to 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."

Shares of SCWorx Corp. (NASDAQ: WORX) declined on April 20, 2020 to as low as $5.55 per share.

The plaintiff claims that between April 13, 2020 and April 17, 2020, the Defendants failed to disclose to investors that SCWorx's supplier for COVID-19 tests had previously misrepresented its operations, that SCWorx's buyer was a small company that was unlikely to adequately support the purported volume of orders for COVID-19 tests, that, as a result, the Company's purchase order for COVID-19 tests had been overstated or entirely fabricated, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of SCWorx Corp. (NASDAQ: WORX) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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