The company’s stock price soared to $14.88 from $2.25 after the deal was announced. But once word got out that it would not go through, the share price plummeted, leading to investor losses, the government said.
Legal Representation
The government is represented by Philip R. Sellinger, George Brandley, and Angelica Sinopole of the U.S. Attorney’s Office for the District of New Jersey and by Glenn S. Leon, Robert Spencer Ryan, and Lucy B. Jennings of the U.S. Department of Justice.
Schessel is represented by James M. Roberts, Douglas E. Grover, and Angela Li of Schlam Stone & Dolan LLP. Counsel for Schessel declined to comment on the verdict.
The first trial ended Dec. 1 in a mistrial. The retrial began June 11.
Conclusion
Marc Schessel’s conviction in the COVID test kit fraud case underscores the serious repercussions of exploiting a global health crisis for personal gain. The verdict brings closure to a complex case marked by dramatic twists and highlights the government’s commitment to protecting investors and maintaining market integrity.
