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Faruki & Faruki, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses exceeding $75,000 in ™C to contact him directly to discuss their options
If you have suffered losses that exceed $75,000 ™C between May 12, 2023 and March 25, 2024 and want to discuss your legal rights, call a Faruki & Faruki partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, NY–(Newsfile Corp. – Dec 15, 2024) – Faruki & Faruki, LLP, a leading national securities law firm, is investigating potential claims against ™C Metals Company Inc (“™C” or the “Company” ) (NASDAQ: ™C) and reminds investors of The deadline is January 7, 2025 to seek the role of lead prosecutor in a federal securities lawsuit filed against the Company.
Faruki & Faruki is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has returned hundreds of millions of dollars for investors since its founding in 1995. See www.farukilav.com.
As detailed 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 that: (1) ™C maintained deficiencies in internal control 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, if known, would require ™C to restate one or more of its previously issued financial statements; and (4) as a result, Defendants’ 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 the “reassessment of whether the set-off of income which is received from LCR should be classified as debt or deferred income”. Further, ™C explained that, “(a)if the transaction with LCR is considered an equity investment rather than a sale transaction, the sale of future proceeds will be reclassified as a license liability” under the appropriate accounting standards.
On this news, ™C’s stock price fell $0.205 per share, or 13.23%, to close at $1.345 per share on March 26, 2024.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class that is adequate and typical of the class members who conducts and oversees the litigation on behalf of the putative class. Each member of the putative class may propose to the court to be the lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to participate in any compensation is not affected by the decision to be the lead plaintiff or not.
Faruki & Faruki, 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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Advertising Advertising. The law firm responsible for this advertisement is Faruki & Faruki, LLP (www.farukilav.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the original version of this press release, visit https://www.nevsfilecorp.com/release/233779
