LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against TMC the metals company Inc. f/k/a Sustainable Opportunities Acquisition Corp. (“TMC” or “the Company”) (NASDAQ: TMC, TMCWW) (NYSE: SOAC, SOAC.U, SOACWS) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between March 4, 2021, and October 5, 2021, inclusive (the ''Class Period''), are encouraged to contact the firm before December 27, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. TMC overpaid for the acquisition of Tonga Offshore Mining Limited (“TOML”), which was owned by insiders. The Company created a false scale of operations by artificially inflating exploration expenditures associated with Nauru Ocean Resources Inc. (“NORI”). The Company’s claim of 100% interest in NORI was dubious based on prior disclosures to the International Seabed Authority (“ISA” or the “Authority”) that NORI was owned by two Nauruan foundations. The Company failed to fully commit its private investment in public equity (“PIPE”) financing, meaning it would not have the cash available for large scale production efforts. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about TMC, investors suffered damages.
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