Shareholders pay no fees or expenses.Ībout Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. (MMAT) between Novemand November 19, 2021, you have until March 4, 2022, to ask the court to appoint you lead plaintiff for the class.Īll representation is on a contingency fee basis. If you purchased shares of Meta Materials Inc.
Then, on December 14, 2021, market researcher Kerrisdale Capital released a report alleging that, among other things, "Meta has habitually made outlandish and misleading claims about the feasibility, development, and commercial potential of various technologies only to repeatedly move the goalposts or retrospectively alter its claims, often just quietly dropping entire projects they had previously touted as pivotal." On this news, Meta Materials' shares fell 5.8%, to close at $2.91 per share on December 14, 2021. On this news, Meta Materials' shares fell almost 4%, to close at $4.77 per share on November 16, 2021, damaging investors. On November 15, 2021, Meta Materials filed with the SEC its quarterly report for the period ended September 30, 2021, announcing that in September 2021, it had received a subpoena from the SEC requesting the Company to produce certain documents and information related to, among other things, the merger involving Torchlight Energy and Metamaterial Inc. However, as would later be revealed, defendants failed to disclose that the Company had materially overstated its business connections and dealings, had misstated its products' novelty and capabilities, and priced its products too high. The Company touted the business combination, as well as Metamaterial's proprietary advanced technologies, agreements, commercialization, products, and production. (MMAT) Misled Investors Regarding its Business ProspectsĪccording to the complaint, before the business combination with Metamaterial Inc., which closed on June 28, 2021, the Company was known as Torchlight Energy Resources, Inc. If you suffered a loss due to Meta Material Inc.'s misconduct, click here. Meta Materials purports to be a developer of high-performance functional materials and nanocomposites. (NASDAQ: MMAT) between Septemand December 14, 2021, for violations of the Securities Exchange Act of 1934. SAN DIEGO-( BUSINESS WIRE)-Shareholder rights law firm Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Meta Materials Inc.
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