Investors Alert: TMC Class Action Deadline Approaches

Glancy Prongay & Murray LLP (“GPM”) is reminding investors of the important January 7, 2025 deadline to file a lead plaintiff motion in the class action on behalf of those who bought or acquired TMC the metals company Inc. (“TMC” or the “Company”) TMC securities between May 12, 2023, and March 25, 2024 (the “Class Period”).

Investors who suffered losses on their TMC investments or want to explore their options for reclaiming their losses may submit their contact information at www.glancylaw.com/cases/TMC-the-metals-company-Inc-1/. For direct inquiries, contact Charles H. Linehan of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com for more information regarding your rights.

On March 25, 2024, TMC announced that its financial statements for the first three quarters of 2023 were no longer reliable and needed to be restated. This decision stemmed from a partnership with Low Carbon Royalties Inc. (“LCR”) and the classification of proceeds received from LCR as either debt or deferred income. TMC reported that the revenue from LCR would be reclassified as a Royalty liability based on appropriate accounting standards.

Following this revelation, TMC’s stock price plummeted by $0.205, a decline of 13.2%, closing at $1.345 per share on March 26, 2024, impacting investors significantly.

The class action complaint alleges that throughout the Class Period, Defendants made materially false or misleading statements while failing to disclose significant negative facts regarding the Company’s business and future. Key allegations include: (1) TMC had inadequate internal controls over financial reporting; (2) the Company misclassified the sale of future revenue related to the LCR Partnership as deferred income instead of debt; (3) this misclassification would necessitate restating earlier financial statements; and (4) positive statements made by Defendants about the Company misled investors and lacked a reasonable basis.

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If you acquired TMC securities during the Class Period, you can move the Court for lead plaintiff status in this potential class action lawsuit by the January 7, 2025 deadline. It is not necessary to take any action to remain a member of the class action at this time; you may choose to hire a lawyer or remain an absent class member. For further details on the class action or inquiries regarding your rights, please contact Charles Linehan, Esquire, at GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, or email at shareholders@glancylaw.com. If reaching out by email, please include your mailing address, phone number, and number of shares purchased.

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