SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP informs investors that a class action was filed on behalf of all persons and entities that purchased TMC the metals company (NASDAQ: TMC) f/k/a Sustainable Opportunities Acquisition Corp. ("SOAC") securities between March 4, 2021 and October 5, 2021, alleging violations of the Securities Exchange Act of 1934. TMC purports to be a deep-sea minerals exploration company focused on the collection, processing, and refining of polymetallic nodules found on the seafloor of the CCZ of the Eastern Pacific Ocean. The Company's primary assets are three exploration licenses.
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TMC the metals company Inc. (TMC) Misled Investors Regarding its Business Prospects
According to the complaint, TMC was formed when DeepGreen combined with SOAC, a special purpose acquisition corporation "with a dedicated ESG focus and deep operational and capital market capabilities in the energy and resource sectors." A March 4, 2021, press release stated that "[t]he transaction includes an upsized US$330 million fully committed common stock Private Investment in Public Equity ("PIPE") at US $10.00 per share, anchored by an international consortium of strategic and institutional investors…" The press release also noted that DeepGreen "offers a real, scalable solution to the raw metals problem, at a low production cost and with a significant reduction in the ESG footprint of metals."
On September 13, 2021, Bloomberg published an article revealing that "two unidentified investors [failed] to provide funds comprising two-thirds of TMC's $330 million PIPE…" and questioning TMC's "green credentials." On this news, TMC's shares fell $2.45 over the next two trading days to close at $10.00 on September 15, 2021. Then, on October 6, 2021, Bonitas Research reported: (i) that TMC had overpaid on its exploration licenses to potential undisclosed insiders; (ii) the Company had artificially inflated exploration expenses by more than 100% in order to mislead investors about the scale of its operations; (iii) there are reasons to question the Company's ownership claim of its Nauru Ocean Resources license; and (iv) the Company has a history of affiliating with bad actors. On this news, the Company's stock dropped 7%, to close at $4.14 per share on October 6, 2021. The stock now trades just over $3.00.
If you purchased shares of TMC the metals company Inc. (TMC) securities between March 4, 2021 and October 5, 2021, you have until December 27, 2021, to ask the court to appoint you lead plaintiff for the class.
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