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New York, New York--(Newsfile Corp. - December 1, 2021) - The Law Offices of Vincent Wong announce that a class action lawsuit has commenced in the on behalf of investors who purchased TMC the metals company Inc. f/k/a Sustainable Opportunities Acquisition Corp. ("TMC") (NASDAQ: TMC) between March 4, 2021 and October 5, 2021.
If you suffered a loss, contact us at the link below. There is no cost or obligation to you.
Allegations against TMC include that the Company made materially false and/or misleading statements and/or failed to disclose that: (1) the Company had significantly overpaid for the Tongo Offshore Mining Limited acquisition to undisclosed insiders; (2) the Company had artificially inflated its Nauru Ocean Resources Inc. ("NORI") exploration expenditures to give investors a false scale of its operations; (3) the Company's purported 100% interest in NORI was questionable given prior disclosures to the International Seabed Authority that NORI was wholly owned by two Nauruan foundations and that all future income from NORI would be used in Nauru; (4) Defendants had significantly downplayed the environmental risks of deep-sea mining polymetallic nodules and failed to adequately warn investors of the regulatory risks faced by the Company's environmentally risky exploitation plans; (5) the Company's PIPE financing was not fully committed and, therefore, the Company would not have the cash necessary for large sale commercial production; (6) as a result of the foregoing, the Company's valuation was significantly less than Defendants disclosed to investors; and (7) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
If you suffered a loss in TMC you have until December 27, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
Vincent Wong, Esq.
39 East Broadway
New York, NY 10002
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106105