If you purchased or acquired securities in SC Health Corporation (“SC Health”) (NYSE: SCPE; NYSE: SCPE.WS; NYSE: SCPE.U) and Rockley Photonics Holdings Limited (“Rockley”) (NYSE: RKLY; NYSE: RKLY.WS) securities between March 19, 2021 and January 23, 2023, inclusive (the “Class Period”) and purchasers 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”) and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/RKLY.
There is no cost or obligation to you.
NEW YORK, Nov. 26, 2023 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Rockley Photonics Holdings Limited (“Rockley” or the “Company”) (NYSE: RKLY) and reminds investors of the January 8, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) 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; (2) 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; (3) 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; (4) Rockley did not have the customer base or customer commitments that defendants had represented to investors; and (5) 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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Rockley’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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