Law Offices of Howard G. Smith announces an investigation on behalf of TMC the metals company Inc. (“TMC” or the “Company”) TMC investors concerning the Company’s possible violations of federal securities laws.
On March 25, 2024, TMC disclosed that its financial statements for the first three quarters of 2023 should no longer be relied upon and would need to be restated, citing the Company’s partnership with Low Carbon Royalties Inc. (“LCR”) and “whether the offsetting entry to the proceeds it received from LCR should be classified as debt or deferred income.” Further, TMC stated that “[a]s the transaction with LCR was considered an equity investment rather than a sale transaction, the sale of future revenue will be reclassified as Royalty liability” per appropriate accounting standards.
On this news, TMC’s stock price fell $0.205, or 13.2%, to close at $1.345 per share on March 26, 2024, thereby injuring investors.
If you purchased TMC securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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