TMC the metals company Inc. (TMC)
Class Action & Lead Plaintiff Deadline: December 27, 2021
Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against TMC the metals company Inc. f/k/a Sustainable Opportunities Acquisition Corp. ("TMC" or "the Company") (NASDAQ: TMC) (NASDAQ: TMCWW) (NYSE: SOAC, SOAC.U, SOACWS) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired TMC securities between March 4, 2021, and October 5, 2021, inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that TMC overpaid for the acquisition of Tonga Offshore Mining Limited ("TOML"), which was owned by insiders. The complaint continues to allege that TMC created a false scale of operations by artificially inflating exploration expenditures associated with Nauru Ocean Resources Inc. ("NORI"). The Company's claim of 100% interest in NORI was dubious based on prior disclosures to the International Seabed Authority ("ISA" or the "Authority") that NORI was owned by two Nauruan foundations. The Company failed to fully commit its private investment in public equity ("PIPE") financing, meaning it would not have the cash available for large scale production efforts. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about TMC, investors suffered damages.
A class action lawsuit has already been filed. You can review a copy of the Complaint and sign the certification form or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in TMC you have until December 27, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.