NEW YORK, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Rockley Photonics Holdings Limited (“Rockley” or the “Company”) (NASDAQ: RKLY; RKLY.W). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
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On March 19, 2021, SC Health Corporation and Rockley entered into a business combination agreement, which was ultimately consummated via a de-SPAC transaction. On August 11, 2021, the companies announced the completion of the merger, and Rockley securities began trading on the New York Stock Exchange the following day. Although Rockley repeatedly highlighted the purported strength and ever-increasing number of major customers with which Rockley had purportedly contracted with for new projects and which formed the basis for its financial projections, a series of disclosures ultimately revealed that Rockley in fact lacked the customer base or commitments that it had represented publicly.
As the truth came to light, Rockley was ultimately forced into bankruptcy in January 2023 and the price of Rockley securities collapsed, causing investors to suffer significant damage.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
