NEW YORK, NY/ACCESSWIRE/February 18, 2022/ Pomerantz LLP announces that a class action lawsuit has been filed against Meta Materials Inc. f/k/a Torchlight Energy Resources, Inc. (“Meta” or the “Company”) (NASDAQ: MMAT, TRCH)) and certain of its officers . The class action, filed in the United States District Court for the Eastern District of New York and registered as 22-cv-00463, is on behalf of a class consisting of all persons and entities other than defendants. who purchased or otherwise acquired publicly traded securities of the Company between September 21, 2020 and December 14, 2021, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of federal securities laws and to seek remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the ” Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased or otherwise acquired Meta securities during the class period, you have until March 4, 2022 to ask the court to appoint you as the lead plaintiff in the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those applying by email are encouraged to include their mailing address, phone number and number of shares purchased.
[Click here for information about joining the class action]
Meta claims to be a developer of functional materials and high performance nanocomposites. Prior to the Company’s business combination with Metamaterial Inc. which closed on June 28, 2021 (the “Business Combination”), the Company was known as “Torchlight Energy Resources, Inc.”
The Complaint alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the Company’s business, operations and prospects. Specifically, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the business combination would result in a Securities and Exchange Commission (“SEC”) investigation and subpoena in the case entitled In Torchlight Energy Resources, Inc.; (2) the Company has significantly overstated its business relationships and transactions; (3) the Company has significantly overestimated its ability to produce and market its products; (4) the Company significantly overestimated the novelty and capabilities of its products; (5) the Company’s products did not have the potential to be disruptive because, among other things, the Company priced its products too high; and (6) as a result, the defendants’ public statements were materially false and/or misleading at all relevant times.
On November 15, 2021, after market hours, the Company filed with the SEC its Quarterly Report on Form 10-Q for the period ended September 30, 2021 which announced the SEC subpoena.
On this news, shares of Meta fell 3.9% to close at $4.58 per share on November 16, 2021, hurting investors.
On December 14, 2021, during market hours, market researcher Kerrisdale Capital released a report alleging, among other things, that “Meta has habitually made outlandish and misleading statements about the feasibility, development, and commercial potential of various technologies only to repeatedly move the goalposts or retrospectively alter their claims, often quietly abandoning entire projects they had previously touted as essential.”
On this news, shares of Meta fell 5.8% to close at $2.91 per share on December 14, 2021, further hurting investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.
THE SOURCE: Pomerantz LLP
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