Investors Alert: Class Action Deadline Approaching for TMC Securities

Key Filing Deadline: Investors in TMC the metals company Inc. have until January 7, 2025 to file a lead plaintiff motion in an important class action lawsuit. This case involves individuals who purchased TMC securities between May 12, 2023, and March 25, 2024 (the “Class Period”).

Get Legal Guidance: Those experiencing financial loss from TMC investments are urged to reach out to the Law Offices of Howard G. Smith at (215) 638-4847 or via email at howardsmith@howardsmithlaw.com for legal counsel regarding their rights in this class action.

Restatement of Financials: On March 25, 2024, TMC announced that its financial statements for the first three quarters of 2023 were misleading and needed restatement. The company referenced a significant partnership with Low Carbon Royalties Inc. (“LCR”) and questions regarding the classification of funds received from LCR. TMC indicated that future revenue from this partnership would be reclassified as Royalty liability, following proper accounting standards.

Stock Value Impact: Following this announcement, TMC’s stock suffered, dropping $0.205, which equates to a 13.2% decline, closing at $1.345 per share on March 26, 2024, thereby affecting investors’ portfolios.

Allegations in the Class Action: The filed complaint claims that during the Class Period, TMC and its representatives made significant false statements and failed to disclose critical information about the Company. Allegations include inadequate internal controls over financial reporting and the incorrect classification of income from the LCR partnership. These misrepresentations, when revealed, demanded a restatement of earlier financial documents, misleading investors regarding TMC’s operational integrity.

Request to Participate: If you acquired TMC securities during the Class Period, you may petition the Court by January 7, 2025 to be named as lead plaintiff, provided you meet specific legal requirements. At this moment, no action is required if you wish to remain an absent class member. Interested individuals can choose legal representation or remain passive in the proceedings. For more information about the class action, or if you have questions about your rights, please contact Howard G. Smith at the Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by phone at (215) 638-4847 or toll-free at (888) 638-4847. You can also email howardsmith@howardsmithlaw.com or visit www.howardsmithlaw.com.

Legal Notice: This press release may constitute Attorney Advertising in some areas according to local laws and ethical regulations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241121888344/en/