Attention TMC the metals company Inc. Investors: Company Investigated by the Portnoy Law Firm
Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, April 10, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises TMC the metals company Inc. (“TMC” or the “Company”) (NASDAQ: TMC) investors that the law firm has initiated an investigation on behalf of investors that lost money on their TMC stock. TMC investors are encouraged to contact the firm to discuss their legal rights.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
In February 2023, TMC and its subsidiary, NORI, formed a strategic alliance with Low Carbon Royalties Inc. (LCR), where LCR gained a 2% gross overriding royalty on TMC's project in the Pacific Ocean's Clarion Clipperton Zone, in exchange for $5 million and a 35% equity stake in LCR. However, in March 2024, TMC announced that its financial reports for the first three quarters of 2023 needed revision due to a re-evaluation of a financial transaction with LCR, suggesting the proceeds from LCR should perhaps be classified differently than originally recorded. This reclassification, treating the transaction as an equity investment rather than a sale, meant future revenue sales would be seen as a Royalty liability. Following this announcement, TMC's stock price dropped by 13.23% on March 26, 2024.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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