LOS ANGELES, CA / ACCESSWIRE / May 18, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of SCWorx Corp. ("SCWorx" or "the Company") (NASDAQ:WORX) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. SCWorx announced a purchase order for 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 April 13, 2020. Hindenburg Research published a report on April 17, 2020, calling the deal "completely bogus." The report alleges that the test provider's CEO "formerly ran another business accused of defrauding its investors and customers" and "was also alleged to have falsified his medical credentials." The report also claims that the Company's buyers do not seem "capable of handling hundreds of millions of dollars in orders." Based on this news, shares of SCWorx fell sharply over the next several trading sessions.
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The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm
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