TMC the metals company Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
In February 2023, TMC and its subsidiary, NORI, formed a strategic alliance with Low Carbon Royalties Inc. (LCR), where LCR gained a 2% gross overriding royalty on TMC’s project in the Pacific Ocean’s Clarion Clipperton Zone, in exchange for $5 million and a 35% equity stake in LCR. However, in March 2024, TMC announced that its financial reports for the first three quarters of 2023 needed revision due to a re-evaluation of a financial transaction with LCR, suggesting the proceeds from LCR should perhaps be classified differently than originally recorded. This reclassification, treating the transaction as an equity investment rather than a sale, meant future revenue sales would be seen as a Royalty liability. Following this announcement, TMC’s stock price dropped by 13.23% on March 26, 2024.
