Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Meta Materials Inc. f/k/a Torchlight Energy Resources, Inc. (MMAT)
Law Offices of Howard G. Smith reminds investors of the upcoming March 4, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Meta Materials Inc. f/k/a Torchlight Energy Resources, Inc. ("Meta" or the "Company") (NASDAQ: MMAT) securities between September 21, 2020 and December 14, 2021, inclusive (the "Class Period").
Investors suffering losses on their Meta investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On November 15, 2021, Meta released its third quarter financial report and subsequently revealed that the Company had received a subpoena from the Securities and Exchange Commission ("SEC") in September investigating Meta's merger with Torchlight Energy Resources, Inc.
On this news, Meta's stock fell 3.9% to close at $4.77 per share on November 16, 2021, thereby injuring investors.
Then, On December 14, 2021, Kerrisdale Capital published a report alleging numerous issues including: "disappearing segments, misleading product claims, fake medcal devices, research funding for subsidiaries that don't exist, and circumstances so questionable around a penny stock reverse merger that it's now the subject of an SEC Enforcement subpoena."
On this news, Meta's stock fell $0.18 per share, or 5.83%, to close at $2.91 per share on December 14, 2021, thereby injuring investors further.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the business combination of Torchlight Energy Resources, Inc. and Metamaterial Inc. would result in an SEC investigation and subpoena; (2) the Company has materially overstated its business connections and dealings; (3) the Company has materially overstated its ability to produce and commercialize its products; (4) the Company has materially overstated its products' novelty and capabilities; (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, Defendants' public statements were materially false and/or misleading at all relevant times.
If you purchased or otherwise acquired Meta securities during the Class Period, you may move the Court no later than March 4, 2022 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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