Case Summary

Rockley Photonics Holdings Limited and SC Health Corporation

NYSE: RKLY, SCPE.U

Case Details

  • Grossman v. Sin, et al.
  • Class Period:March 19, 2021 - January 23, 2023
  • Date Filed:November 09, 2023
  • Jurisdiction:U.S. District Court, Central District of California
  • Docket Number: 2:23-cv-09501
  • Lead Plaintiff Deadline: January 8, 2024
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Overview

Rockley Photonics Holdings Limited and SC Health Corporation

A class action lawsuit captioned Grossman v. Sin, et al. has been filed against SC Health Corporation (“SC Health” or the “Company”) (NYSE: SCPE.U), Rockley Photonics Holdings Limited (“Rockley”) (NYSE: RKLY), SIN Capital Group Pte. Ltd. (“SINCap”) and certain of the Company’s top executive officers alleging that they violated the federal securities laws. The lawsuit seeks to represent all persons and entities who purchased or otherwise acquired SC Health and Rockley securities between March 19, 2021, and January 23, 2023, inclusive (the “Class Period”).

Rockley specializes in the research and development of integrated silicon photonics chipsets and modules for sensory and communications products. SC Health was a special purpose acquisition company commonly known as a “SPAC” or “blank-check company.”

The Rockley class action lawsuit 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.

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If you purchased or otherwise acquired SC Health and Rockley securities between March 19, 2021, and January 23, 2023, inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Rockley & SC Health lawsuit is January 08, 2024.

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