SCWorx settles derivative shareholder lawsuits; insurers to pay legal fees, company adopts governance reforms

SCWorx Corp.

Settlement of three derivative lawsuits filed in 2020 alleging breach of fiduciary duties related to COVID-19 test kit press release.
Insurers for defendant directors to pay cash to plaintiffs' counsel for legal fees.
Company to adopt corporate governance reforms within 60 days of court approval.
All parties released from claims upon court approval; definitive settlement agreement to be negotiated.
Cases filed in SDNY, NY State Supreme Court, and Delaware Chancery Court against directors Marc Schessel, Charles Miller, Steven Wallitt, Robert Christie.

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