SEC alleges CEO engineered short squeeze [Investment Executive - News]
Meta Materials Inc. (MMAT)
Company Research
Source: Investment Executive - News
The former CEO of a struggling energy company allegedly cooked up a scheme to create a short squeeze in his company’s stock in connection with a pending reverse takeover, and then issue stock based on the inflated valuation, the U.S. Securities and Exchange Commission (SEC) alleges. According to the SEC’s filings, the former CEO of Texas-based Torchlight Energy Resources Inc. devised a plan to manipulate the company’s stock price by declaring a preferred dividend and touting the idea that the dividend would squeeze traders with outstanding short positions, in an effort to drive up the stock ahead of its planned merger. The resulting company then raised US$137.5 million from investors in an at-the-market offering against the inflated valuation. “The conduct we allege was a sophisticated yet brazen plan by a public company and its former CEOs to purposely mislead investors in the company’s stock,” said Eric Werner, director of the SEC’s Fort Worth office, in a release. “This conduct
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MMAT
News
- Looming Deadline - Levi & Korsinsky Encourages Shareholders of Meta Materials Inc. f/k/a Torchlight Energy Resources, Inc. (MMAT) to File a Share in Class Action RecoveryAccesswire
- Next Bridge Hydrocarbons Announces Cordax Settlement [Yahoo! Finance]Yahoo! Finance
- Levi & Korsinsky, LLP Notifies Shareholders of Meta Materials Inc. f/k/a Torchlight Energy Resources, Inc. (MMAT) an Upcoming Claims Deadline in a Class Action SettlementAccesswire
- Levi & Korsinsky, LLP Notifies Shareholders of Meta Materials Inc. f/k/a Torchlight Energy Resources, Inc. (MMAT) an Upcoming Claims Deadline in a Class Action SettlementAccesswire
- Meta Materials Announces Update on Naked Short Selling Investigation [Yahoo! Finance]Yahoo! Finance
MMAT
Earnings
- 11/13/23 - Beat
MMAT
Sec Filings
- 6/25/24 - Form 8-K
- 6/21/24 - Form 8-K
- 6/11/24 - Form 8-K
- MMAT's page on the SEC website