Class Action Filed On Behalf Of Investors Of Meta Materials Inc. – MMAT Investors With Financial Losses Encouraged To Contact Kehoe Law Firm, P.C.
On January 3, 2021, a class action lawsuit was filed in United States District Court, Eastern District of New York, against Meta Materials Inc., f/k/a Torchlight Energy Resources, Inc., (“Meta Materials” or the “Company”) (NASDAQ: MMAT) on behalf of individuals or entities that purchased, or otherwise acquired, the publicly-traded securities of the Company between September 21, 2020 and December 14, 2021, both dates inclusive (the “Class Period”).
TO DISCUSS JOINING THE CLASS ACTION, PLEASE CLICK “JOIN THE CLASS ACTION” OR “SECURITIES CLASS ACTION QUESTIONNAIRE.”
TO VIEW A COPY OF THE CLASS ACTION COMPLAINT, PLEASE CLICK “META MATERIALS INC. CLASS ACTION COMPLAINT.”
According to the complaint, the Meta Materials defendants made materially false and/or misleading statements, because they misrepresented and failed to disclose adverse facts pertaining to the Company’s business, operational, and financial results, which were known to the Meta Materials Defendants or recklessly disregarded by them.
According to the class action complaint, the Meta Materials Defendants made false and/or misleading statements and/or failed to disclose that (1) the business combination with 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, the Meta Materials Defendants’ public statements were materially false and/or misleading at all relevant times.