Overview

A class action lawsuit has been filed against The Metals Company, Inc. (“TMC” or the “Company”) (NASDAQ: TMC) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The TMC class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired TMC securities between May 12, 2023, and March 25, 2024, both dates inclusive (the “Class Period”).  Investors have until January 7, 2025, to seek appointment as lead plaintiff in the TMC class action lawsuit.

TMC 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. (“NORI”), entered into a strategic partnership with Low Carbon Royalties Inc. (“LCR”) (the “LCR Partnership”).  In a press release discussing the terms of the LCR Partnership, TMC stated, in relevant part, that the Company agreed with LCR to a purchase and sale agreement whereby LCR acquired a 2.0% gross overriding royalty on (TMC’s) NORI project area in the Clarion Clipperton Zone of the Pacific Ocean and, in consideration, the Company received $5,000,000 cash and an initial 35.0% equity interest in LCR.

The TMC class action lawsuit alleges that Defendants, throughout the Class Period, made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) TMC maintained deficient internal controls over financial reporting; (2) as a result, the Company inaccurately classified the sale of future revenue attributable to the LCR Partnership as deferred income rather than debt; (3) the foregoing misclassification, when it became known, would require TMC to restate one or more of its previously issued financial statements; and (4) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

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If you purchased or otherwise acquired TMC securities between May 12, 2023, and March 25, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as a lead plaintiff in the TMC class action lawsuit is January 7, 2025.