TMC the metal company (TMC) Prnewswire·2024-12-18 16:22Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against TMC the metals company Inc due to allegations of violations of federal securities laws, encouraging affected investors to seek legal recourse [2][4]. Group 1: Allegations Against TMC - The complaint alleges that TMC and its executives made false and misleading statements and failed to disclose deficiencies in internal controls over financial reporting [4]. - TMC inaccurately classified the sale of future revenue from the LCR Partnership as deferred income instead of debt, which will require restatement of previously issued financial statements [4][5]. - The company disclosed on March 25, 2024, that its financial statements for the first three quarters of 2023 should be restated, affecting the classification of proceeds from LCR [5]. Group 2: Financial Impact - Following the announcement of the need for restatement, TMC's stock price fell by 1.345 per share on March 26, 2024 [6]. Group 3: Legal Proceedings - Investors who suffered losses exceeding $75,000 in TMC between May 12, 2023, and March 25, 2024, are encouraged to contact Faruqi & Faruqi to discuss their legal options [1]. - There is a deadline of January 7, 2025, for investors to seek the role of lead plaintiff in the federal securities class action against TMC [2].