Past results do not guarantee a similar outcome.
settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.Īttorney Advertising. To be notified if a class action against Meta Materials Inc. 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.
At the end of the first Torchlight, the ancient dragon Ordrak the source of the corruption under the town of Torchlight was defeated by the Destroyer, the Alchemist, and the. It is the sequel to Runic's 2009 RPG, Torchlight, and features peer-to-peer multiplayer support and extended modding capabilities. If you suffered a loss due to Meta Material Inc.'s misconduct, click here. Torchlight II is a 2012 action role-playing game developed by Runic Games. 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. If the Arrangement is not completed, META will be obligated to repay to Torchlight the total unpaid balance of the principal and interest under the Promissory Note, to the extent not converted into Common Shares, on the Maturity Date.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. And if the Arrangement Agreement is terminated or expires without the completion of the Arrangement, Torchlight will have the right to convert all or any portion of the principal amount and any accrued but unpaid interest under the Promissory Note into the common shares of META at a conversion price of C$2.80 per Common Share (subject to adjustment as described in the Promissory Note). The Promissory Note bears interest at 8% per annum with all unpaid principal and interest due in one lump sum payment on February 18, 2022. Investors also appear to be responding to Torchlight Torchlight Energy Resources and Metamaterial announcing today that, in accordance with the terms of the previously announced Arrangement Agreement between Torchlight and META, pursuant to which Torchlight and META will complete a business combination, Torchlight has loaned $10 million to META evidenced by an unsecured convertible promissory note.