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Case Page

 

Meta Materials Inc.

Case Summary

Meta Materials Inc. Securities Litigation

Case Summary

Case Status:    SETTLED  
—On or around 05/22/2024 (Date of order of final judgment)
Current/Last Presiding Judge:  
Hon. Carol Bagley Amon

Filing Date: January 03, 2022

According to the Complaint, Meta Materials Inc. purports to be a developer of high-performance functional materials and nanocomposites. On September 21, 2020, Meta issued a press release announcing the business combination with Metamaterial Inc. Prior to the Business Combination, the Company was known as “Torchlight Energy Resources, Inc.”

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) the business combination of Torchlight Energy Resources, Inc. and Metamaterial Inc. would result in an SEC investigation and subpoena in the matter captioned In the Matter of Torchlight Energy Resources, Inc.; (2) the Company had materially overstated its business connections and dealings; (3) the Company had materially overstated its ability to produce and commercialize its products; (4) the Company had materially overstated its products’ novelty and capabilities; (5) the Company’s products did not have the potential to be disruptive because, among other things, the Company priced its products too high; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

On July 15, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-07203.

Lead Plaintiff filed a consolidated Complaint on August 29, 2022. Defendants filed a Motion to Dismiss the consolidated Complaint on January 12, 2023. On September 29, the Court issued an Order granting Defendants' Motion to Dismiss. The Court entered Judgment on October 3, 2023.

On December 20, 2023, the parties notified the Court that they had reached a tentative Settlement. On January 19, 2024, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on February 6. On May 22, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

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