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


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Meta Materials Inc. f/k/a Torchlight Energy Resources, Inc. (“Meta” or the “Company”) (NASDAQ: MMAT, TRCH) securities from September 21, 2020 through December 14, 2021, inclusive (the “Class Period”). Investors have until March 4, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
 
Meta is a developer of high-performance functional materials and nanocomposites. Before the business combination with Metamaterial Inc. (“Metamaterial”), which closed on June 28, 2021 (the “Business Combination”), the Company was known as “Torchlight Energy Resources, Inc.”
 
On November 15, 2021, after market hours, the Company filed with the United States Securities and Exchange Commission (“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: “[i]n 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.” On this news, Meta’s stock price declined by $0.19 per share, or approximately 3.98%, from $4.77 per share to close at $4.58 per share on November 16, 2021.
 
On December 14, 2021, during market hours, market researcher Kerrisdale Capital released a report (the “Report”) alleging, among other things, that “Meta has habitually made outlandish and misleading claims about the feasibility, development, and commercial potential of various technologies only to repeatedly move the goalposts or retrospectively alter its claims, often just quietly dropping entire projects they had previously touted as pivotal.” On this news, Meta’s stock price declined by $0.18 per share, or approximately 5.83%, from $3.09 per share to close at $2.91 per share on December 14, 2021.
 
The lawsuit alleges throughout the Class Period, Defendants made false and/or misleading statement and/or failed to disclose that: (1) the Business Combination 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.
 

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