Nova Scotia Journal

Wednesday, August 17, 2022

N.S. tech firm holds on in face of a security investigation, class movement

Nova Scotia

Key takeaways: 

  • Dartmouth-based Meta Materials has been charged with making inaccurate, deceptive claims about its products.
  • Meta Materials Inc. of Dartmouth went general on the Nasdaq in 2021 after a reverse merger with Torchlight Energy Resources, a publicly traded Texas firm. 

Meta Materials charged as they claim deceptive about its goods: 

A Nova Scotia advanced technology firm trading on the Nasdaq is downplaying an investor suit launched against it this week.

The class action filed Monday in a New York court charges Dartmouth-based Meta Materials Inc. of creating deceitful and deceptive claims about its products that increased its share price.

Meta Materials stock has fallen since it started public trading the previous year from $16.77 in July to $2.48 on Thursday.

Read more: Nova Scotia schools shift to online education till Jan. 17

Nova Scotia tech firm holds on a security investigation

“These types of cases are unfortunately a common occurrence for companies with stock listed on public exchanges in the United States,” Mel Rusinak, manager of corporate affairs for Meta Materials, stated in an email to CBC News. Source – cbc.ca

“With the case having just been filed, it will be months ere a lead plaintiff is appointed to represent the class and before we have an opportunity to respond.” Source – cbc.ca

“We think the lawsuit is without merit and plan to vigorously defend against it.” None of the claims included in the case has been tested in court. Source – cbc.ca

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