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Tuesday, July 14, 2020 10:52:58 AM
On May 27, 2020, a second securities class was filed in the United States District Court for the Southern District of New York against the Company and its CEO. The action is captioned Caitlin Leeburn, individually and on behalf of all others similarly situated, Plaintiff v. SCWorx Corp. and Marc S. Schessel, Defendants.
On June 23, 2020, a third securities class was filed in the United States District Court for the Southern District of New York against us and our CEO. The action is captioned Jonathan Charles Leonard, individually and on behalf of all others similarly situated, Plaintiff v. SCWorx Corp. and Marc S. Schessel, Defendants.
All three lawsuits allege that our company and our CEO mislead investors in connection with our April 13, 2020 press release with respect to the sale of COVID-19 rapid test kits. The plaintiffs in these actions are seeking unspecified monetary damages. We intend to vigorously defend against these proceedings.
On June 15, 2020, a shareholder derivative claim was filed in the United States District Court for the Southern District of New York against Marc S. Schessel, Charles K. Miller, Steven Wallitt (all of whom are current directors), and Robert Christie (a former director) (“Director Defendants”). The action is captioned Javier Lozano, derivatively on behalf of SCWorx Corp., Plaintiff, v. Marc S. Schessel, Charles K. Miller, Steven Wallitt, Defendants, and SCWorx Corp., Nominal Defendant. This lawsuit alleges that the Director Defendants breached their fiduciary duties to us, including by misleading investors in connection with our April 13, 2020 press release with respect to the sale of COVID-19 rapid test kits, failing to correct false and misleading statements and failing to implement proper disclosure and internal controls. The Plaintiff, on our behalf, is seeking an award of monetary damages to us, improvements in our disclosure and internal controls, and legal fees. The Director Defendants intend to vigorously defend against these proceedings.
In connection with these actions, the Company may be obligated to indemnify its CEO and any of its officers or directors who incur any liability or expense incurred as a result of serving at the Company’s request in such capacity.
Recent WORX News
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- Form 8-K - Current report • Edgar (US Regulatory) • 12/26/2023 08:19:28 PM
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- SCWorx Signs Letter of Intent to Acquire an Environmental Services Company • GlobeNewswire Inc. • 10/23/2023 01:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/20/2023 09:00:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/10/2023 04:23:09 PM
- SCWorx Shareholders Overwhelmingly Approve Reverse Stock Split at Annual Meeting • GlobeNewswire Inc. • 10/10/2023 04:21:05 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 08/25/2023 05:23:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/22/2023 04:11:27 PM
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