Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Over $75,000 in ™C to Contact Him Directly to Discuss Their Options.
If you have a loss of more than $75,000 C between May 12, 2023 and March 25, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live at the 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York– (Newsfile Corp. – December 30, 2024) – Faruqi & Faruqi, LLP, a leading securities law firm, is investigating potential claims against ™C Metals Inc. (“™C” or the “Company”). (NASDAQ: ™C) and reminds investors of January 7, 2025 deadline seeking the role of lead plaintiff in a securities class action filed against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The company has received hundreds of millions of dollars from investors since its founding in 1995. See www.faruqilaw.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 by failing to disclose that: (1) ™C maintained deficient internal controls over financial reporting; (2) as a result, the Company incorrectly classified future sales revenue attributable to the LCR Partnership as deferred revenue instead of liability; (3) the above misstatement, 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 false and/or misleading at all relevant times.
On March 25, 2024, ™C announced 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 “re-examination that the income equal to the income received from the LCR should be classified as a liability or deferred income.” Furthermore, the ™C stated that, “(a)s the transaction with LCR is treated as an equity investment rather than a marketing transaction, the future sales revenue will be reclassified as a Royalty liability” according to the relevant accounting standards.
On this news, the C™ stock price fell by $0.205 per share, or 13.23%, to close at $1.345 per share on March 26, 2024.
A court-appointed lead plaintiff is an investor with a substantial financial interest in the relief sought by a sufficient and common class of class members who administers and oversees the lawsuit on behalf of the putative class. Any privileged class member may move the Court to act as lead plaintiff through a group of counsel of their own choosing, or may choose to remain passive and remain a non-class member. Your ability to share in any recovery is not affected by the decision to act as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information ™C about the conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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