New York, New York--(Newsfile Corp. - November 30, 2021) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of TMC the metals company Inc. f/k/a Sustainable Opportunities Acquisition Corp. (NASDAQ: TMC) alleging that the Company violated federal securities laws.
Class Period: March 4, 2021 to October 5, 2021
Lead Plaintiff Deadline: December 27, 2021
No obligation or cost to you.
Learn more about your recoverable losses in TMC:
TMC the metals company Inc. f/k/a Sustainable Opportunities Acquisition Corp. NEWS - TMC NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that TMC the metals company Inc. f/k/a Sustainable Opportunities Acquisition Corp. made materially false and/or misleading statements and/or failed to disclose that: (1) the Company had significantly overpaid for the Tongo Offshore Mining Limited acquisition to undisclosed insiders; (2) the Company had artificially inflated its Nauru Ocean Resources Inc. ("NORI") exploration expenditures to give investors a false scale of its operations; (3) the Company's purported 100% interest in NORI was questionable given prior disclosures to the International Seabed Authority that NORI was wholly owned by two Nauruan foundations and that all future income from NORI would be used in Nauru; (4) Defendants had significantly downplayed the environmental risks of deep-sea mining polymetallic nodules and failed to adequately warn investors of the regulatory risks faced by the Company's environmentally risky exploitation plans; (5) the Company's PIPE financing was not fully committed and, therefore, the Company would not have the cash necessary for large sale commercial production; (6) as a result of the foregoing, the Company's valuation was significantly less than Defendants disclosed to investors; and (7) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in TMC you have until December 27, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased TMC securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106026