Investigation announced for Investors in shares of TMC the metals company Inc. (NASDAQ: TMC) over possible Violations of Securities Laws

An investigation was announced for investors of TMC the metals company Inc. (NASDAQ: TMC) shares over potential securities laws violations by TMC the metals company Inc.

Investors who purchased shares of TMC the metals company Inc. (NASDAQ: TMC), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of TMC the metals company Inc. (NASDAQ: TMC) concerning whether a series of statements by TMC the metals company Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

In February 2023, TMC the metals company Inc and its wholly-owned subsidiary, Nauru Ocean Resources Inc. ("NORI"), entered into a strategic partnership with Low Carbon Royalties Inc. ("LCR"). In particular, "[t]he 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, "[i]n consideration . . ., the Company received $5,000,000 cash and an initial 35.0% equity interest in LCR."
Then, on March 25, 2024, TMC the metals company Inc disclosed in a filing with the U.S. Securities and Exchange Commission that the Company's financial statements for the first three quarters of 2023 "should be restated and, accordingly, should no longer be relied upon", citing the "re-evaluat[ion of] whether the offsetting entry to the proceeds it received from LCR should be classified as debt or deferred income." TMC the metals company Inc explained 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.

Shares of TMC the metals company Inc. (NASDAQ: TMC) declined to $1.28 per share on March 26, 2024.

Those who purchased shares of TMC the metals company Inc. (NASDAQ: TMC) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.