Meta Materials Inc. f/k/a Torchlight Energy Resources, Inc.


Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Meta Materials f/k/a Torchlight Energy Resources, Inc.
To Contact Him Directly To Discuss Their Options

Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Meta Materials Inc.  (“Meta Materials” or the “Company”) (NASDAQ: MMAT) and reminds investors of the March 4, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. 

If you suffered losses exceeding $100,000 investing in Meta Materials stock or options between September 21, 2020 and December 14, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.   

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the business combination of Torchlight Energy Resources, Inc. and Metamaterial Inc. 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. When the true details entered the market, the lawsuit claims that investors suffered damages.

On November 15, 2021, after market hours, the Company filed with the SEC its quarterly report on Form 10-Q for the period ended September 30, 2021 (the “3Q21 Report”). The 3Q21 Report announced the SEC subpoena, stating the following in pertinent part:

In September 2021, the Company received a subpoena from the Securities and Exchange Commission, Division of Enforcement, in a matter captioned In the Matter of Torchlight Energy Resources, Inc. The subpoena requests that the Company produces certain documents and information related to, among other things, the merger involving Torchlight Energy Resources, Inc. and Metamaterial Inc. The Company is cooperating and intends to continue to cooperate with the SEC’s investigation. The Company can offer no assurances as to the outcome of this investigation or its potential effect, if any, on the Company or its results of operation. 

On this news, Meta’s shares fell 3.9% to close at $4.58 per share on November 16, 2021, damaging investors.

On December 14, 2021, during market hours, market analyst Kerrisdale Capital published a report entitled "Meta Materials, Inc. (MMAT): A 'Photonics' Company That's an Optical Illusion" which alleges several issues at the Company including: "[d]isappearing segments, misleading product claims, fake medical devices, research funding for subsidiaries that don't exist, and circumstances so questionable around a penny stock reverse merger that it's now the subject of an SEC Enforcement subpoena."

On this news, Meta's common stock price fell 5.8% to close at $2.91 per share on December 14, 2021.

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Meta Materials Inc. f/k/a Torchlight Energy Resources, Inc.

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Details

Filed on 01/03/2022

Ticker MMAT

Class period 09/21/2020 - 12/14/2021

Lead Plaintiff Deadline 03/04/2022

39 days remaining

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

James M. Wilson, Jr. jwilson@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

Robert W. Killorin rkillorin@faruqilaw.com Phone (404) 847-0617 Fax (404) 506-9534

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685 Third Avenue 26th Floor
New York, New York 10017
(212) 983-9330
(877) 247-4292
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(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania