TMC the metals company, Inc. (NASDAQ: TMC)

This lawsuit is for anyone who acquired securities in TMC the metals company Inc. (NASDAQ: TMC) from May 12, 2023 through March 25, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company maintained sufficient financial controls when the Company lacked such controls.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in TMC the metals company Inc. (NASDAQ: TMC) from May 12, 2023 through March 25, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.