Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Nov. 22, 2024 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises TMC the metals company Inc. (“TMC” or the “Company”) (NASDAQ: TMC) investors of a class action representing investors that bought securities between May 12, 2023 and March 25, 2024, inclusive (the “Class Period”). TMC investors have until January 7, 2025 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On March 25, 2024, TMC announced that its financial statements for the first three quarters of 2023 were no longer reliable and would need to be restated. The revision was due to issues regarding the Company’s partnership with Low Carbon Royalties Inc. (“LCR”), specifically concerning whether the offsetting entry for the proceeds received from LCR should be categorized as debt or deferred income. TMC further clarified that, since the transaction with LCR was regarded as an equity investment rather than a sale, the future revenue sale would be reclassified as a royalty liability in accordance with the relevant accounting standards.
As a result of this announcement, TMC’s stock price dropped by $0.205, or 13.2%, closing at $1.345 per share on March 26, 2024, causing losses for investors.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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