Meta Materials Inc. Company News: Berger Montague Investigates Securities Fraud Allegations Against Meta Materials Inc. (NASDAQ: MMAT); Lead Plaintiff Deadline is March 4, 2022
PHILADELPHIA, February 3, 2022 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Meta Materials, Inc. (“Meta Materials” or the “Company”) (NASDAQ: MMAT) between September 21, 2020 and December 14, 2021 (the “Class Period”).
If you purchased Meta Materials securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080.
Whistleblowers: Anyone with non-public information regarding Meta Materials is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Meta Materials is a Nova Scotia-based developer of high-performance functional materials and nanocomposites for the aerospace, defense, automotive industries, as well as others. On June 28, 2021, the Company, then known as Torchlight Energy Resources, Inc., entered into a business combination with Metamaterial Inc.
According to a recently filed lawsuit, the Company and its insiders misled investors regarding the Meta Materials’ performance and prospects, including in connection with the business combination between Metamaterial and Torchlight.
On November 15, 2021, the Company filed with the SEC its quarterly report for the period ended September 30, 2021. This filing disclosed that Meta Materials had received a subpoena from the SEC relating to the merger between Torchlight and Metamaterial. On this news, Meta Materials’ shares fell nearly 4% to close at $4.58 per share on November 16, 2021.
Then, on December 14, 2021, Kerrisdale Capital released a report charging that “Meta has habitually made outlandish and misleading claims about the feasibility, development, and commercial potential of various technologies only to repeatedly move the goalposts or retrospectively alter its claims, often just quietly dropping entire projects they had previously touted as pivotal.” On this news, Meta Materials’ shares fell 5.8% to close at $2.91 per share on December 14, 2021.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.