SAN DIEGO, October 30, 2021 / PRNewswire / – The law firm of Robbins Geller Rudman & Dowd LLP announces that buyers of securities of TMC, the metals company Inc. f / k / a Sustainable Opportunities Acquisition Corp. (NASDAQ: TMC) between March 4, 2021 and October 5, 2021, inclusive (the “Recourse Period”) until December 27, 2021 to seek appointment as principal applicant in Carper v. TMC the metal company Inc. f / k / a Sustainable Opportunities Acquisition Corp., No. 21-cv-05991 (EDNY). Started on 28 October 2021, the TMC The class action lawsuit accuses TMC and some of its senior executives of violations of the Securities Exchange Act of 1934.
If you wish to serve as the principal applicant of the TMC class action, please fill in your information by clicking here. You can also contact the lawyer JC Sanchez from Robbins Geller by calling 800 / 449-4900 or emailing [email protected]. The principal applicant’s requests for the TMC the class action must be filed with the court at the latest December 27, 2021.
CASE ALLEGATIONS: TMC is a Canadian deepwater mineral exploration company focused on the collection, processing and refining of polymetallic nodules found on the seabed of the Clarion Clipperton area of the Pacific Ocean (the “CCZ”). High seas exploration rights are regulated by the International Seabed Authority (“ISA”). TMC’s main assets are three exploration licenses granted by the ISA. These licenses, held through three subsidiaries, are: (i) Nauru Ocean Resources Inc. (“NORI”); (ii) Marawa Research and Exploration Limited (“Marawa”); and (iii) Tongo Offshore Mining Limited (“TOML”).
At March 4, 2021, DeepGreen Inc. announced that it has entered into a business combination agreement with Sustainable Opportunities Acquisition Corporation (“SOAC”), a special purpose acquisition company (“SPAC”) specializing in environmental, social and governance (“ESG”). . Upon closing of the merger, the combined company was renamed TMC the metals company Inc. The combined company, TMC, began trading on the NASDAQ under the symbol “TMC” on. September 10, 2021.
The TMC The Class Action alleges that, throughout the Class Period, the Defendants made false and misleading representations and failed to disclose that: (i) TMC had significantly overpaid for the acquisition of TOML to uninitiated insiders. disclosed; (ii) TMC had artificially inflated its NORI exploration spending to give investors a false scale of its operations; (iii) TMC’s alleged 100% stake in NORI was questionable given that prior information had been provided to ISA that NORI was 100% owned by two Nauruan foundations and that all future NORI income would be used for Nauru; (iv) the defendants had significantly downplayed the environmental risks of polymetallic nodules from deep-sea mining and failed to properly warn investors of the regulatory risks faced by TMC’s environmentally risky mining plans; (v) TMC’s private investment in Public Equity Financing (“PIPE”) was not fully committed and, therefore, TMC would not have the necessary liquidity for large-scale commercial production; (vi) as a result of the foregoing, TMC’s valuation was significantly lower than that of the defendants disclosed to the investors; and (vii) accordingly, the defendants’ public statements were materially false and / or misleading at all relevant times.
At September 13, 2021, Bloomberg published an article revealing that two investors failed to provide $ 330 million as part of the PIPE component of TMC’s IPO deal. The article also questioned TMC’s “green credentials”, revealing that “[e]Environmentalists claim that TMC’s activities will damage sensitive ecosystems and destroy vital biodiversity “and that”[s]ince the PSPC deal was announced in March, more than 500 scientists have signed a letter calling for a moratorium on deep-sea mining until environmental risks are better understood. the next two trading days.
Then on October 6, 2021, market research firm Bonitas Research released a report detailing the multiple issues plaguing TMC, including: (i) TMC overpaid licenses to undisclosed potential insiders; (ii) TMC had artificially inflated exploration spending by more than 100% to mislead investors about the scale of its operations; (iii) there are grounds to question TMC’s claim of ownership of NORI; and (iv) TMC’s history of affiliation with bad actors. Following this news, TMC’s share price fell by more than 7%, further penalizing investors.
Robbins Geller Rudman & Dowd LLP launched a dedicated SPAC working group protect investors in blank check companies and seek redress for malpractice. Comprised of experienced litigators, investigators and forensic accountants, the PSPC task force is dedicated to eradicating and prosecuting fraud on behalf of aggrieved PSPC investors. The increase in blank check financing presents unique risks for investors. Robbins Geller’s PSPC Working Group represents the forefront of integrity, honesty and fairness in this rapidly developing area of investment.
THE MAIN COMPLAINANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased securities of TMC during the Recourse Period to seek appointment as principal plaintiff in the TMC class action lawsuit. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class which is also typical and adequate of the putative class. A principal applicant acts on behalf of all other class members by ordering TMC class action lawsuit. The lead plaintiff can choose a law firm of their choice to argue the case. TMC class action lawsuit. The ability of an investor to participate in any potential future recovery of the TMC the class action does not depend on the function of principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $ 7.2 billion – in In re Enron Corp. Dry. Litigation. 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller # 1 for recovery $ 1.6 billion for investors last year, more than double the amount recovered by any other company from securities claimants. Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudman & Dowd LLP
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JC Sanchez, 800-449-4900
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