The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of SCWorx Corp. (NASDAQ: WORX) who purchased shares between April 13, 2020 and April 17, 2020. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the SCWorx lawsuit alleges that (1) SCWorx’s supplier for COVID-19 tests had previously misrepresented its operations; (2) SCWorx’s buyer was a small company that was unlikely to adequately support the purported volume of orders for COVID-19 tests; (3) as a result, the Company’s purchase order for COVID-19 tests had been overstated or entirely fabricated; and (4) 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.
Shareholders have until June 29, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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