The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Meta Materials Inc. f/k/a Torchlight Energy Resources, Inc. (NASDAQ: MMAT) who purchased shares between September 21, 2020 and December 14, 2021. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Meta Materials lawsuit alleges that (1) the business combination would result in an U.S. Securities and Exchange Commission 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, Defendants’ public statements were materially false and/or misleading at all relevant times.
Shareholders have until March 4, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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