Sign In
Step 1
Draft
Step 2
Unite with Fellow Investors
Step 3
Choose the Best Attorney
Step 4
Provide Documents
Step 5
Follow Case Progress
Step 6
Get Payout
RKLY.US
id: 881

Rockley Photonics ($RKLY) Investor Settlement

The settlement terms have been submitted to the court for approval.
$10,000,000
Cash Settlement
C.D. California
Court
2:23-cv-09501
Case number
08/11/2021
Class period Start
01/23/2023
Class period End
Rockley Photonics has reached a $10M settlement with $RKLY investors to resolve claims that it misled them during its 2021 de-SPAC merger with SC Health by overstating its relationship with Apple and the readiness of its wearable biosensor technology.
  • On January 23, 2023, the news about Rockley filing for Chapter 11 bankruptcy was announced.
  • Following this, $RKLY plummeted to almost zero.
  • Rockley and SC Health investors were completely wiped out, resulting in significant losses.
Rockley supposedly misled about the financial state of the company and its prospects for a merger with SC Health:
  • Rockley hid risks to its joint venture with Hengtong, involving Hengtong's acquisition of Huawei Marine.
  • Also, Rockley didn't have the customer base or enough orders as claimed to investors.
After the truth came out and Rockley filed for bankruptcy, $RKLY fell to almost zero, damaging shareholders.

Based on all of the above, investors have reason to suspect that Rockley hid information about its business, joint venture partner and the prospects for a $SCPE merger.
Case Type
US Securities Class Action
Case Status
Stipulative Settlement
Alleged Offence
Mismanagement, 
Misleading Statements, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.11
Filing date
11/09/2023
Lead Plaintiff Deadline
01/08/2024
Plaintiffs
Kenneth S. Grossman
Attorneys
Robbins Geller Rudman & Dowd LLP
Defendants
David Sin, Angelo John Coloma, Andrew Rickman, Mahesh Karanth, Chad Becker
Administrator
Verita Global
Attorney fee
$3,450,000
Trades matching type
FIFO

Frequently Asked Questions

Who is eligible for this settlement?
Do I have to sell securities to be eligible?
How long does the payout process take?
How much will my payment be?
How to get your payout?
What is 11th.com?

Trusted by industry leaders

Endorsed by top professionals who trust our innovative solutions to drive impactful results.