NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against TMC the metals company (“TMC” or the “Company”) (NASDAQ: TMC) in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased or otherwise acquired TMC securities between March 3, 2021 and October 5, 2021, both dates inclusive (the “Class Period”). Investors have until December 27, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) the Company had significantly overpaid to acquire Tonga Offshore Mining Limited (“TOML”) to undisclosed insiders; (2) the Company had artificially inflated its Nauru Ocean Resources Inc. (“NORI”) exploration expenditures to give investors a false scale of its operations; (3) 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; (4) 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; (5) 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; (6) as a result of the foregoing, the Company’s valuation was significantly less than defendants disclosed to investors; and (7) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
Following this news, TMC stock dropped 4% hitting a low of $3.98 per share in pre-market hours on October 6, 2021.
If you purchased or otherwise acquired TMC shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.