Initial Lawsuit
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.
- Filing Date
01/03/2022 - Class Period
09/21/2020 to 12/14/2021 - Transgression
Securities Violation - Filing Firms
The Rosen Law Firm, P.A. - Case Title
Maltagliati v. Meta Materials Inc. et al - Docket Number
1:21-cv-07203 - Court
New York Eastern District Court - Free File
Complaint
Allegations
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.
Defendants
- Company
Meta Materials Inc. (formerly Torchlight Energy Resources, Inc.) - Chief Executive Officer
George Palikaras - Chief Financial Officer
Kenneth Rice - Chairman
Greg McCabe - Chief Executive Officer
John Brda
