TMC the metals co. Inc.

Registration Deadline:

01/07/2025

Submit Your Information

A securities class action has been filed in the USDC — C.D.CA. against TMC the metals co. Inc. (TMC) (“TMC” or the “Company”), on behalf of all those that purchased or otherwise acquired TMC securities between May 12, 2023 and March 25, 2024, both dates inclusive (the “Class Period”).

 

TMC is a deep-sea minerals exploration company focused on the collection, processing, and refining of polymetallic nodules.

 

The claim arises on March 25, 2024, when TMC disclosed in a filing with the SEC that the Company’s financial statements for the first three quarters of 2023 “should be restated and, accordingly, should no longer be relied upon”, citing the “reevaluat[ion of] whether the offsetting entry to the proceeds it received from LCR should be classified as debt or deferred income.”

 

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:

 

(1) TMC maintained deficient internal controls over financial reporting;

(2) as a result, the Company inaccurately classified the sale of future revenue attributable to the LCR Partnership as deferred income rather than debt;

(3) the foregoing misclassification, when it became known, would require TMC 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, thereby harming investors.

 

On this news, TMC’s stock price fell $0.205 per share, or 13.23%, to close at $1.345 per share on March 26, 2024.

 

If you purchased TMC securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information.”

 

About Lowey Dannenberg

Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.

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