Defendant Name:
SCWorx Corp.
Defendant Type:
Public Company
Document Reference:
2022-94
Document Details
Legal Case Name
SEC v. Marc S. Schessel and SCWorx Corp.
Document Name
SEC Charges Company and Former CEO with Misleading Investors about Sale of COVID-19 Test Kits
Document Date
31-May-2022
Document Format
Civil Proceeding
Case Number
22-cv-03287
Federal District Court
New Jersey, District of New Jersey
Allegation Type
Securities Offering
Document Summary
The Securities and Exchange Commission "charged New York-based SCWorx Corp. and its former Chief Executive Officer and Chairman of the Board, Marc S. Schessel, with making false and misleading statements about SCWorx's plans to distribute COVID-19 rapid test kits in April 2020. SCWorx has agreed to settle the SEC's charges and will pay a $125,000 civil penalty."
Disgorgement & Penalty Information
Resolutions
Injunction
The SEC stated: "SCWorx is expected to satisfy its obligation topay the disgorgement and prejudgment interest by contributing stock, valued at $600,000 at the time of issuance,to harmed investors in a private class action settlement in Yannes v. SCWorx Corp., et al., 1:20-cv-03349(S.D.N.Y.)."
Monetary Penalties:
Disgorgement
Individual:
$471,000.00
Shared:
Civil Penalty
Individual:
$125,000.00
Shared:
Pre-Judgment Interest
Individual:
$32,761.56
Shared:
Other Defendants in Action: