![]() Torchlight also announced that it implemented a 1 for 2 reverse stock split of its Common Stock. (NASDAQ:TRCH), an oil and gas exploration company ('Torchlight'), today announced that it paid the special Series A Preferred Stock dividend on a 1 for 1 basis to its stockholders of record on June 24, 2021. Leave your thoughts in the comment section below.PLANO, TX / ACCESSWIRE / J/ Torchlight Energy Resources, Inc. Overstock similarly was intimidated with investigations after CEO Patrick Byrne began to fight illegal short selling activities openly could Meta Materials be going through the same process? The firm successfully represented and Taser International in lawsuits against prominent Wall Street institutions, including Goldman Sachs, Merrill Lynch, and Bank of America, resulting in settlements.” In the best interest of our shareholders, we believe Wes Christian and his team will offer us the most effective solution in addressing potential instances of illegal trading, particularly by naked short sellers, either in our shares or those falsely represented as ours,” said Jack Harding Chairman of Meta Materials Inc.Ĭhristian, Smith & Jewell has a proven track record of representing publicly traded companies facing challenges related to illegal naked short selling, counterfeit shares, and other fraudulent activities. We have reviewed the preliminary report from ShareIntel, and as a result we have engaged the services of Christian Smith & Jewell. Through ShareIntel, META was able to obtain trading analytic metrics, and its analysis has seemingly identified trade imbalances in the trading of MMAT shares which are potentially material relative to META’s public float and average trading volume. “META has completed an initial trading analysis with ShareIntel Shareholder Services, LLC, as part of its continued commitment to protecting investors and maximizing shareholder value. MMAT stock is currently down nearly -80% this year-to-date. Meta Materials announced in late June that it has retained the law firm of Christian Smith & Jewell, LLP to help investigate allegations of naked short selling of Meta Materials’ stock, MMAT. Is MMAT’s Naked Short Selling Investigation the Root Cause of SEC ‘Wells Notices’? Market News Daily – SEC is Now Investigating Meta Materials Former and Current CEOs. ![]() If the SEC were to authorize an action against the Company and/or any of the individuals, it could seek an injunction against future violations of provisions of the federal securities laws, the imposition of civil monetary penalties, and other equitable relief within the SEC’s authority.Īccording to the filing, the company’s Board of Directors is reviewing the Wells Notices but has not yet determined its next course of action regarding the Wells Notices. ![]() ![]() It allows the recipients the opportunity to address the issues raised by the enforcement staff before a decision is made by the SEC on whether to authorize any enforcement action. It’s important to address that a Wells Notice is neither a formal charge of wrongdoing nor a final determination that the recipient has violated any law. Specifically, the Wells Notice received by the Company states that the proposed action would allege violations of Section 17(a) of the Securities Act, which involves the processing of securities transfers, safekeeping of investor and issuer funds and securities and maintaining records of investor ownership. The Wells Notices each state that the SEC staff has made a preliminary determination to recommend that the SEC file a civil enforcement action against the recipients alleging violations of certain provisions of the U.S. On July 20, 2023, the SEC provided Brda and Palikaras with “ Wells Notices” relating to a previously disclosed SEC investigation into, among other things, the merger involving Torchlight Energy Resources, Inc. The Securites and Exchange Commission (SEC) is now investigating Meta Materials (NASDAQ: MMAT) former CEO John Brda (Torchlight) and current CEO George Palikaras according to a new filing. Market News Daily – SEC is Now Investigating Meta Materials Former and Current CEOs.
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