A lawsuit was filed on behalf of investors in TMC the metals company Inc. (NASDAQ: TMC) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/29/2021 -- An investor, who purchased shares of TMC the metals company Inc. (NASDAQ: TMC), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by TMC the metals company Inc. f/k/a Sustainable Opportunities Acquisition Corp.
Investors who purchased shares of TMC the metals company Inc. (NASDAQ: TMC) have certain options and for certain investors are short and strict deadlines running. Deadline: December 27, 2021. NASDAQ: TMC investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Canadian based TMC the metals company Inc. engages in exploring of battery metals from seafloor polymetallic nodules.
On September 9, 2021, DeepGreen Metals Inc. and special purpose acquisition company Sustainable Opportunities Acquisition Corp. said they completed their previously announced business combination. The companies said shares of the combined company, TMC the metals company Inc.., will begin trading on the Nasdaq Global Select Market under the symbols TMC NASDAQ: TMC on Sept. 10, 2021.
On October 6, 2021, Bonitas Research, a short seller, released a report alleging multiple problems with TMC the metals company Inc. (NASDAQ: TMC). The allegations include that TMC the metals company Inc. (NASDAQ: TMC) siphoned US$ 43 million in cash and stock to undisclosed insiders by overpaying for Tonga Offshore Mineral License ("TOML"). Along with this Bonita's states, "TOML's previous owner, Nautilus Minerals Inc. (formerly TSX: NMI) ("NMI") valued the TOML exploration license in its historical annual reports at zero."
Shares of TMC the metals company Inc. (NASDAQ: TMC) declined from $14.66 per share on September 14, 2021, to as low as $3.36 per share on October 11, 2021.
The plaintiff claims that between March 4, 2021 and October 5, 2021, the defendants made false and/or misleading statements and/or failed to disclose that the Company had significantly overpaid to acquire Tonga Offshore Mining Limited ("TOML") to undisclosed insiders, that the Company had artificially inflated its Nauru Ocean Resources Inc. ("NORI") exploration expenditures to give investors a false scale of its operations, that the Company's purported 100% interest in NORI was questionable given prior disclosures to the International Seabed Authority ("ISA" or the "Authority") that NORI was wholly owned by two Nauruan foundations and that all future income from NORI would be used in Nauru, that defendants had significantly downplayed the environmental risks of deep-sea mining polymetallic nodules and failed to adequately warn investors of the regulatory risks faced by the Company's environmentally risky exploitation plans, that the Company's private investment in public equity ("PIPE") financing was not fully committed and, therefore, the Company would not have the cash necessary for large sale commercial production, that as a result of the foregoing, the Company's valuation was significantly less than defendants disclosed to investors, and that as a result, defendants' public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of TMC the metals company Inc. (NASDAQ: TMC) have certain options and should contact the Shareholders Foundation.
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