Meta Materials Class Action Reminder
Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Meta Materials f/k/a Torchlight Energy Resources, Inc. To Contact Him Directly To Discuss Their Options
NEW YORK - ( NewMediaWire ) - January 13, 2022 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Meta Materials Inc. (“Meta Materials” or the “Company”) (NASDAQ: MMAT) and reminds investors of the March 4, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Meta Materials stock or options between September 21, 2020 and December 14, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/MMAT.
There is no cost or obligation to you.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) 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.; (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. When the true details entered the market, the lawsuit claims that investors suffered damages.
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 (the “3Q21 Report”). The 3Q21 Report announced the SEC subpoena, stating the following in pertinent part:
In September 2021, the Company received a subpoena from the Securities and Exchange Commission, Division of Enforcement, in a matter captioned In the Matter of Torchlight Energy Resources, Inc. The subpoena requests that the Company produces certain documents and information related to, among other things, the merger involving Torchlight Energy Resources, Inc. and Metamaterial Inc. The Company is cooperating and intends to continue to cooperate with the SEC’s investigation. The Company can offer no assurances as to the outcome of this investigation or its potential effect, if any, on the Company or its results of operation.
On this news, Meta’s shares fell 3.9% to close at $4.58 per share on November 16, 2021, damaging investors.
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.”
On this news, Meta’s common stock price fell 5.8% to close at $2.91 per share on December 14, 2021.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Meta Materials’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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