![]() ![]() ![]() The deal includes plans to divest the legacy energy assets. capital markets, Metamaterial Inc, a smart materials and photonics company, last year agreed to merge with Torchlight, an oil and gas producer. In a reverse takeover to list on the Nasdaq and access the U.S. The shares, however, gave up some of the gains after the company upsized its stock offering. Torchlight’s stock rose 74% last Monday as retail investors piled into the stock with record volumes. Contact MDF Law Notice: JavaScript is required for this content.(Reuters) – Shares of Meta Material Inc rose 6% premarket on Monday, ahead of the first day of trading after a merger that saw the niche hi-tech materials maker swallow Torchlight Energy Resources that was at the center of huge speculative bets by small individual traders. We take all our cases on contingency, which means we do not collect a legal fee unless our clients recover money. We have helped to recover hundreds of millions of dollars for investors. MDF Law PLLC, is a New York City based investment fraud law firm whose practice focuses on advocating for investors. We urge investors to contact us immediately to discuss this case on a confidential basis. ![]() You may request the Court to appoint you as lead plaintiff for the class action no later than March 4, 2022. If you purchased shares of Meta Materials common stock during the relevant time period, you may be entitled to compensation, without payment of any out-of-pocket litigation fees or costs. as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.the Company’s products did not have the potential to be disruptive because, among other things, the Company priced its products too high and.the Company has materially overstated its products’ novelty and capabilities.the Company has materially overstated its ability to produce and commercialize its products.the Company has materially overstated its business connections and dealings.would result in an SEC investigation and subpoena in the matter captioned In the Matter of Torchlight Energy Resources, Inc. The business combination of Torchlight Energy Resources, Inc.Specifically, Defendants failed to disclose to investors that: 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. Then, On December 14, 2021, Kerrisdale Capital published a report alleging numerous issues including: “disappearing 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.” Based upon this news, Meta’s stock fell from $4.96 on Novemto $2.91 per share on December 14, 2021. On November 15, 2021, Meta Materials released its third quarter financial report and subsequently revealed that the Company had received a subpoena from the SEC in September regarding an investigation of Meta’s merger with Torchlight Energy Resources, Inc. Meta-Materials-Securities-Fraud-Complaint Download SEC Subpoena Received by Meta Materials ![]()
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