SHAREHOLDER ALERT: Robbins LLP Notifies Investors of Class Action Against TMC The Metals Company Inc. (TMC) f / k / a Sustainable Opportunities Acquisition Corp.
SAN DIEGO – (COMMERCIAL THREAD) – Shareholder rights law firm Robbins LLP advises investors that a class action lawsuit has been filed on behalf of all persons and entities who purchased TMC the metal company (NASDAQ: TMC) f / k / a Sustainable Opportunities Acquisition Corp. (âSOACâ) between March 4, 2021 and October 5, 2021, alleging violations of the Securities Exchange Act of 1934. TMC claims to be a deep-water mineral exploration company focused on gathering, processing and refining polymetallic nodules found on the seabed of the CCZ of the eastern Pacific Ocean. The main assets of the Company are three exploration permits.
If you have suffered a loss due to the misconduct of TMC, the Metallurgical Company Inc., click here.
TMC the metals company Inc. (TMC) misled investors about its business prospects
According to the complaint, TMC was formed when DeepGreen partnered with SOAC, a special purpose acquisition firm “with a dedicated ESG focus and deep operational and capital market capabilities in the energy and Resource “. A March 4, 2021 press release stated that â[t]he transaction includes a fully committed private equity investment of US $ 330 million (âPIPEâ) at US $ 10.00 per share, funded by an international consortium of strategic and institutional investorsâ¦ âThe press release also noted that DeepGreen “offers a real and scalable solution to the raw metals problem, at a low production cost and with a significant reduction in the ESG footprint of metals.”
On September 13, 2021, Bloomberg published an article revealing that “two unidentified investors [failed] to provide funds comprising two-thirds of TMC’s $ 330 million PIPEâ¦ âand challenge TMC’sâ green accreditations â. On December 6, 2021, Bonitas Research reported: (i) that TMC overpaid its exploration licenses to undisclosed potential insiders; (ii) the Company had artificially inflated exploration expenses by more than 100% in order to mislead investors about the scale of its operations; (iii) there are grounds to question the Company’s claim of ownership over its Nauru Ocean Resources license; and (iv) the company has a history of affiliation with bad actors. On this news, the company’s shares fell 7%, to close at $ 4.14 per share on October 6, 2021. The stock is now trading at just over $ 3.00.
If you purchased shares of TMC the metals company Inc. (TMC) between March 4, 2021 and October 5, 2021, you have until December 27, 2021 to ask the court to name you as the principal plaintiff of the class.
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About Robbins LLP: A recognized leader in shareholder rights litigation, Robbins LLP attorneys and staff are dedicated to helping shareholders recover their losses, improve corporate governance structures, and hold top executives. company responsible for their wrongdoing since 2002. To be notified of a class action lawsuit against TMC the metals company Inc. rule or to receive free alerts when company executives commit wrongdoing, join Stock Watch today ‘hui.
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