Lawsuit filed for Investors in SC Health Corporation (formerly NYSE: SCPE; NYSE: SCPE.WS; NYSE: SCPE.U) and Rockley Photonics Holdings Limited (formerly NYSE: RKLY; NYSE: RKLY.WS)

An investor, who purchased shares of SC Health Corporation (formerly NYSE: SCPE; NYSE: SCPE.WS; NYSE: SCPE.U) and Rockley Photonics Holdings Limited (formerly NYSE: RKLY; NYSE: RKLY.WS), filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 19, 2021 and January 23, 2023.

Investors who purchased a significant amount of shares of SC Health Corporation (formerly NYSE: SCPE; NYSE: SCPE.WS; NYSE: SCPE.U) and Rockley Photonics Holdings Limited (formerly NYSE: RKLY; NYSE: RKLY.WS) between March 19, 2021 and January 23, 2023 and/or purchased 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 certain options and for certain investors are short and strict deadlines running. Deadline: January 8, 2024. SC Health Corporation (formerly NYSE: SCPE; NYSE: SCPE.WS; NYSE: SCPE.U) and Rockley Photonics Holdings Limited (formerly NYSE: RKLY; NYSE: RKLY.WS) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On March 19, 2021, Rockley Photonics, Ltd. announced that it has entered into an agreement to combine with SC Health Corp, a publicly traded special purpose acquisition company. T

On August 17, 2021, Rockley Photonics announced the completion of the special-purpose acquisitions company merger with SC Health Corporation.

On January 25, 2023, Rockley Photonics filed for bankruptcy.

According to the complaint the plaintiff alleges on behalf of purchasers of SC Health Corporation (formerly NYSE: SCPE; NYSE: SCPE.WS; NYSE: SCPE.U) and Rockley Photonics Holdings Limited (formerly NYSE: RKLY; NYSE: RKLY.WS) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants 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.

Those who purchased shares of SC Health Corporation (formerly NYSE: SCPE; NYSE: SCPE.WS; NYSE: SCPE.U) and Rockley Photonics Holdings Limited (formerly NYSE: RKLY; NYSE: RKLY.WS) have certain options and should contact the Shareholders Foundation.

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 lawsuits, 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.

This release was published on openPR.