Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 7, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired TMC the metals company Inc. (“TMC” or the “Company”) TMC securities between May 12, 2023 and March 25, 2024, inclusive (the “Class Period”).
If you suffered a loss on your TMC investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/TMC-the-metals-company-Inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On March 25, 2024, TMC disclosed that its financial statements for the first three quarters of 2023 should no longer be relied upon and would need to be restated, citing the Company’s partnership with Low Carbon Royalties Inc. (“LCR”) and “whether the offsetting entry to the proceeds it received from LCR should be classified as debt or deferred income.” Further, TMC stated that “[a]s the transaction with LCR was considered an equity investment rather than a sale transaction, the sale of future revenue will be reclassified as Royalty liability” per appropriate accounting standards.
On this news, TMC’s stock price fell $0.205, or 13.2%, to close at $1.345 per share on March 26, 2024, thereby injuring investors.
The complaint filed in this class action 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. Specifically, Defendants failed to disclose to investors that: (1) TMC maintained deficient internal controls over financial reporting; (2) as a result, the Company inaccurately classified the sale of future revenue attributable to the LCR Partnership as deferred income rather than debt; (3) the foregoing misclassification, when it became known, would require TMC to restate one or more of its previously issued financial statements; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on LinkedIn, Twitter, or Facebook.
If you purchased or otherwise acquired TMC securities during the Class Period, you may move the Court no later than January 7, 2025 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241122872043/en/
Market News and Data brought to you by Benzinga APIs