Jury Finds Healthcare Company CEO Misled Investors Over Covid-19 Tests – WSJ

A federal jury has found SCWorx’s former Chief Executive Marc Schessel guilty for his participation in a scheme to mislead investors about the healthcare company’s procurement of Covid-19 rapid test kits.

The jury convicted Schessel, who founded the company in 2012 and headed it until 2021, of two counts of securities fraud, the U.S. Attorney’s Office of the District of New Jersey said Wednesday.

Schessel made false claims in the early days of the Covid-19 pandemic about having a binding contract to acquire millions of Covid tests from an Australian supplier, the prosecutor’s office said, leading to a surge in the company’s share price.

Source: Jury Finds Healthcare Company CEO Misled Investors Over Covid-19 Tests – WSJ