Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses greater than $75,000 in ™C to contact him directly to discuss their options
If you have suffered losses greater than $75,000 ™C between May 12, 2023 and March 25, 2024 and want to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson direct on 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – January 1, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against ™C the metals company Inc (“™C” or ” Company”) (NASDAQ: ™C) and reminds investors of The deadline is January 7, 2025 to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its inception in 1995. See www.faruqilaw.com.
As set forth below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose the following: (1) that ™C maintained inadequate internal controls over financial reporting; (2) as a result, the Company incorrectly classified the sale of future proceeds attributable to the LCR Partnership as deferred revenue rather than debt; (3) the prior misclassification, when known, would require ™Ca to restate one or more of its previously issued financial statements; and (4) as a result, the defendant’s public statements were materially false and/or misleading at all relevant times.
On March 25, 2024, ™C disclosed in a filing with the United States Securities and Exchange Commission 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 ” reassess[ion of] should the offset posting against the income received by him from LCR be classified as debt or deferred income.” Furthermore, ™C explained that, “[a]Because the transaction with LCR was considered an equity investment rather than a sale transaction, the sale of future proceeds will be reclassified as a royalty liability under the appropriate accounting standards.
Following this news, ™Ca stock price fell $0.205 per share, or 13.23%, to $1.345 per share on March 26, 2024.
A court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class, who is adequate and typical of the class members and who directs and oversees the litigation on behalf of the putative class. Any putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision whether or not you will be the lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about ™C’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the original version of this press release, visit https://www.newsfilecorp.com/release/235692
