According to the Complaint, TMC the metals company Inc. is a deep-sea minerals exploration company focused on the collection, processing, and refining of polymetallic nodules. In February 2023, TMC and its wholly owned subsidiary, Nauru Ocean Resources Inc., entered into a strategic partnership with Low Carbon Royalties Inc. (“LCR”). This lawsuit was filed against TMC and two of its Officers.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) TMC maintained deficient internal controls over financial reporting; (ii) as a result, the Company inaccurately classified the sale of future revenue attributable to the LCR Partnership as deferred income rather than debt; (iii) the foregoing misclassification, when it became known, would require TMC to restate one or more of its previously issued financial statements; and (iv) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.

On February 4, 2025, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on March 6. Defendants filed a Motion to Dismiss the Amended Complaint on April 10.

On June 18, 2025, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Plaintiff filed their Second Amended Complaint on July 2.