Meta Materials announces ruling in securities class action lawsuit

Meta Materials announced the U.S. District Court for the Eastern District of New York has granted the Company’s motion to dismiss the securities class action lawsuit previously disclosed. The court ruled that the complaint fails to plead any false statements, material omissions, or a strong inference of fraudulent intent by META or the other named defendants. The court’s order dismisses all claims against all defendants, including META. The lawsuit, initially filed in January 2022, consolidated two separate class action lawsuits primarily stemming from a short-seller report and statements related to META’s business and its proposed combination with Torchlight Energy Resources, Inc. The court’s decision dismisses these allegations. The court has not yet entered a judgment in favor of the defendants. Plaintiff might seek leave from the court to file an amended complaint and/or appeal the court’s decision. Investors and shareholders can access a copy with further details in the Company’s Form 8-K, which the Company filed with the SEC on October 2, 2023.