NEW YORK--(BUSINESS WIRE)--Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against SC Health Corporation (“SC Health” or “the Company”) (NYSE: SCPE; NYSE: SCPE.WS; NYSE: SCPE.U) and Rockley Photonics Holdings Limited (“Rockley” or “the company”) (NYSE: RKLY; NYSE: RKLY.WS) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired SC Health and Rockley securities: (1) 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”); or (ii) between March 19, 2021 and January 23, 2023, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/scpe.
Case Details:
The complaint alleges that defendants throughout the Class Period 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.
What’s Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/scpe or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in SC Health you have until January 8, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
