- Marc Schessel, ex-CEO of SCWorx Corp, convicted of investor fraud.
- False claims about COVID-19 test kits caused stock to soar by 400% temporarily.
- Sentencing scheduled for December 17.
Former SCWorx Corp CEO Found Guilty of Fraud
Marc Schessel, previously the CEO of SCWorx Corp (WORX, Financial), has been convicted of misleading investors. Schessel falsely claimed that the company was set to supply millions of COVID-19 test kits, a statement that temporarily triggered a remarkable 400% increase in the company's stock price.
Impact of False Claims on Stock Price
Investors reacted swiftly to the fraudulent announcement, driving a dramatic surge in SCWorx Corp's stock value. This temporary spike highlighted the volatility and susceptibility of stock prices to misinformation, underscoring the importance of due diligence in investment decisions.
Upcoming Sentencing Details
The judicial process advances as Marc Schessel awaits sentencing on December 17. The outcome of this case serves as a crucial reminder of the need for transparency and accountability in corporate leadership, especially within the high-stakes environment of the stock market.
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