SCWorx Completes Settlement of Previously Disclosed SEC Matter
06 Junio 2022 - 12:37PM
SCWorx Corp (Nasdaq: WORX) today announced that the Company has
received final court approval for a settlement with the Securities
and Exchange Commission (“SEC”), to resolve the SEC matter arising
out of the Company’s April 13, 2020 press release and the events
thereafter (first disclosed in the Company’s March 31, 2020 10-Q).
Without admitting or denying the allegations,
SCWorx has agreed to a settlement, which has received final court
approval, that includes permanent injunctions, the payment of a
$125,000 penalty, and disgorgement of $471,000 with prejudgment
interest of $32,761.56. SCWorx is expected to satisfy its
obligation to pay 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.).
“As previously stated, I accepted the CEO role
on June 1, 2021 and since that time it has been a top priority to
resolve legal issues stemming from the April 13, 2020 press
release. The SCWorx Officers and Directors are happy to put the SEC
matter behind us and dedicating our full efforts towards growing
our data management services for healthcare providers,” said Tim
Hannibal, SCWorx Chief Executive Officer. Hannibal added,
“The SCWorx management and Board of Directors would like to thank
the staff at the SEC for its assistance in resolving this
matter. The Company recorded an accrual for the full amount
of this penalty in the first quarter of 2022, which was reflected
in our 10-Q financial results.”
About SCWorx Corp.
SCWorx has created an advanced attributed
virtualized item data warehouse utilizing machine learning and
artificial intelligence to offer a suite of
software-as-a-service-based solutions for healthcare providers. The
value proposition for customers revolves around the full
integration of all solution modules with the company’s data
platform for cost savings, operational efficiency and accurate
benchmarking and reporting. The solution modules include Virtual
Item Master, data cleanse and normalization, contract management
and request for pricing (RFP) module, automated rebate management
module, data interoperability (EMR, MMIS, finance) module,
Automated Item Add Portal, Virtual General Ledger, and the data
analytics module. SCWorx creates a single source for information
for the healthcare provider’s data governance and analytics
requirements.
Forward-Looking Statements
This press release contains “forward-looking
statements” that involve substantial risks and uncertainties for
purposes of the safe harbor provided by the Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical facts, included in this press release
regarding strategy, future operations, future contract renewals and
terminations, future financial position, prospects, plans and
objectives of management are forward-looking statements. You can
identify many (but not all) such forward-looking statements by
looking for words such as “assumes,” “approximates,” “believes,”
“expects,” “anticipates,” “estimates,” “projects,” “seeks,”
“intends,” “plans,” “could,” “would,” “may” or other similar
expressions. You should not place undue reliance on these
forward-looking statements. Such statements are based on
management’s current expectations and involve risks and
uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors, including, without limitation,
economic disruptions affecting our customers, unexpected contract
terminations, securing future contracts and orders, future product
sourcing, supply disruptions, containing costs, the ability to
project future cash utilization and reserves needed for contingent
future liabilities and business operations, the availability of
sufficient resources of the company to meet its business objectives
and operational requirements and other important factors that are
detailed in filings with the Securities and Exchange Commission
made from time to time by SCWorx, including its Annual Report on
Form 10-K for the year ended December 31, 2021, Quarterly Reports
on Form 10-Q, and Current Reports on Form 8-K. Matters described in
forward-looking statements may also be affected by other known and
unknown risks, trends, uncertainties and factors, many of which are
beyond the company’s ability to control or predict. SCWorx
undertakes no obligation to release publicly any revisions to any
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events.
Contacts: ir@scworx.com
Source: SCWorx Corp.
Released June 6, 2022
Source: SCWorx Corp.
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