Next Bridge Hydrocarbons, Inc. Long Term Investor Alert: Investigation of potential Wrongdoing

An investigation on behalf of current long-term investors in shares of Next Bridge Hydrocarbons, Inc. concerning potential breaches of fiduciary duties by certain directors and officers of Next Bridge Hydrocarbons, Inc. was announced.

Investors who are current long term investors in Next Bridge Hydrocarbons, Inc. shares, 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 for current long term investors in Next Bridge Hydrocarbons, Inc. stocks follows a lawsuit filed against Next Bridge Hydrocarbons, Inc. ver alleged securities laws violations. The investigation on behalf of current long term investors in Next Bridge Hydrocarbons, Inc. stocks, concerns whether certain Next Bridge Hydrocarbons, Inc. officers and directors are liable in connection with the allegations made in that lawsuit.

In June 2021, Torchlight merged into a Canadian company named Metamaterial Technologies Inc. ("Metamaterial"). In connection with the merger, legacy Torchlight shareholders received shares of non-voting Meta Materials preferred stock (the "Preferred Stock"). The Preferred Stock corresponded to the oil and gas assets that Metamaterial acquired from Torchlight during the merger. Holders of the Preferred Stock would be entitled to receive either proceeds from the sale of the oil and gas assets or, if the assets were not sold by a certain date, equity in a spin-off entity created to take ownership of the assets.
Meta Materials did not sell the legacy Torchlight oil and gas assets and, consequently, proceeded with spinning off the oil and gas assets into Next Bridge Hydrocarbons, Inc.. To effectuate the spin-off, on July 14, 2022, Next Bridge Hydrocarbons, Inc. filed a registration statement with the SEC, followed by several amendments and a final prospectus (collectively, the "Registration Statement"). The Registration Statement became "effective" on November 18, 2022.

According to the complaint the plaintiff alleges, that the defendants violated Federal Securities Laws. ore specifically, the plaintiff claims that the Registration Statement contained untrue statements of a material fact and/or omitted to state material facts to make the statements therein not misleading. The Registration Statement also violated specific disclosure provisions which dictate what must be disclosed by issuers in registration statements. Consequently, NBH's violations of the Securities Act of 1933 have damaged Shareholders who received NBH shares as a result of the Registration Statement and Spin-Off.

Those who acquired a significant amount of Next Bridge Hydrocarbons, Inc. shares 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.