A lawsuit was filed on behalf of investors in Meta Materials Inc. (NASDAQ:MMAT) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/20/2022 -- An investor, who purchased shares of Meta Materials Inc. (NASDAQ: MMAT), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Meta Materials Inc. f/k/a Torchlight Energy Resources, Inc.
Investors who purchased shares of Meta Materials Inc. (NASDAQ: MMAT, NASDAQ: TRCH, OTC: MMTLP) have certain options and for certain investors are short and strict deadlines running. Deadline: March 4, 2022. NASDAQ: MMAT, NASDAQ: TRCH, OTC: MMTLP investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Canadian based Meta Materials Inc., a smart materials and photonics company, invents, designs, develops, and manufactures various functional materials and nanocomposites.
On December 14, 2021, during market hours, market analyst Kerrisdale Capital published a report entitled "Meta Materials, Inc. (MMAT): A 'Photonics' Company That's an Optical Illusion" which alleges several issues at the Company including: "[d]isappearing segments, misleading product claims, fake medical 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."
Shares of Meta Materials Inc. (NASDAQ: MMAT) declined from $5.49 per share on November 1, 2021, to as low as $2.19 per share on January 10, 2022.
The plaintiff claims that between September 21, 2020 and December 14, 2021, the defendants made false and/or misleading statements and/or failed to disclose, that the business combination of Torchlight Energy Resources, Inc. and Metamaterial Inc. would result in an SEC investigation and subpoena in the matter captioned In the Matter of Torchlight Energy Resources, Inc, that the Company has materially overstated its business connections and dealings, that the Company has materially overstated its ability to produce and commercialize its products, that the Company has materially overstated its products' novelty and capabilities, that the Company's products did not have the potential to be disruptive because, among other things, the Company priced its products too high, and that as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of Meta Materials Inc. (NASDAQ: MMAT) have certain options and should contact the Shareholders Foundation.
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