Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who suffered losses greater than $75,000 in ™C to contact him directly to discuss their options
If you suffered losses greater than $75,000 in ™C between May 12, 2023 and March 25, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly in 877-247-4292 either 212-983-9330 (extension 1310).
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New York, New York–(Newsfile Corp. – December 15, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against ™C the metals company Inc (“™ C” or the ” Company”) (NASDAQ: ™C) and reminds investors of the Deadline of January 7, 2025 to seek the role of lead plaintiff in a federal securities class action lawsuit that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the lawsuit alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) ™C maintained deficient internal controls over financial reporting ; (2) as a result, the Company incorrectly classified the sale of future income attributable to the LCR Partnership as deferred income rather than debt; (3) the above misclassification, when known, would require ™C to restate one or more of its previously issued financial statements; and (4) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
On March 25, 2024, ™C disclosed in a filing with the United States Securities and Exchange Commission that the Company’s financial statements for the first three quarters of 2023 “should be restated and, accordingly, should no longer be trust them,” citing the “reevaluate[ion of] whether the offset item for the income you received from LCR should be classified as debt or deferred income.” Additionally, ™C explained that, “[a]If the transaction with LCR was considered an equity investment rather than a sales transaction, the sale of future proceeds will be reclassified as a royalty liability” under appropriate accounting standards.
On this news, ™C’s stock price fell $0.205 per share, or 13.23%, to close at $1.345 per share on March 26, 2024.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, which is appropriate and typical of class members directing and overseeing the litigation on behalf of the putative class. Any member of the putative class may ask the Court to serve as lead plaintiff through counsel of his or her choice, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision of whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about ™C’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Lawyer advertising. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We appreciate the opportunity to discuss your particular case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233779