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RKLY.US
id: 881
Rockley (RKLY) and SC Health (SCPE) Merger Case
C.D. California
Court2:23-cv-09501
Case number19 Mar 2021
Class period Start23 Jan 2023
Class period End08 Jan 2024
Lead Plaintiff motion deadline- On January 23, 2023, the news about Rockley filing for Chapter 11 bankruptcy was announced.
- Following this, $RKLY plummeted to almost zero.
- Rockley and SC Health investors were completely wiped out, resulting in significant losses.
Rockley supposedly misled about the financial state of the company and its prospects for a merger with SC Health:
- Rockley hid risks to its joint venture with Hengtong, involving Hengtong's acquisition of Huawei Marine.
- Also, Rockley didn't have the customer base or enough orders as claimed to investors.
After the truth came out and Rockley filed for bankruptcy, $RKLY fell to almost zero, damaging shareholders.
Based on all of the above, investors have reason to suspect that Rockley hid information about its business, joint venture partner and the prospects for a $SCPE merger.
Case Status
Motion to dismiss
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
23 January 2023
Filing date
09 November 2023
Lead Plaintiff Deadline
08 January 2024