Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
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Investigation
01/03/2022
Initial Lawsuit
01/03/2022
Lawsuit Progression
03/04/2022
A shareholder filed a federal securities class action on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired the publicly traded securities of Meta Materials Inc. (formerly Torchlight Energy Resources, Inc.) between September 21, 2020 and December 14, 2021, both dates inclusive.
According to the complaint, 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 allegedly failed to disclose to investors that:
(1) the business combination with Metamaterial Inc., closing on June 28, 2021, 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, defendants’ public statements were materially false and/or misleading at all relevant times.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.