![]() ![]() To be a member of the Class you need not take any action at this time you may retain counsel of your choice or take no action and remain an absent member of the Class. ![]() If you purchased Meta securities during the Class Period, you may move the Court no later than March 4, 2022to ask the Court to appoint you as lead plaintiff. would result in an SEC investigation and subpoena (2) the Company has materially overstated its business connections and dealings (3) the Company has materially overstated its ability to produce and commercialize its products (4) the Company has materially overstated its products' novelty and capabilities (5) the Company's products did not have the potential to be disruptive because, among other things, the Company priced its products too high and (6) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.įollow us for updates on Twitter: /FRC_LAW. Specifically, Defendants failed to disclose to investors that: (1) the business combination of Torchlight Energy Resources, Inc. The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. ![]() On this news, Meta's stock fell $0.18 per share, or 5.83%, to close at $2.91 per share on December 14, 2021, thereby injuring investors further. Then, On December 14, 2021, Kerrisdale Capital published a report alleging numerous issues including: "disappearing segments, misleading product claims, fake medical devices, research funding for subsidiaries that don't exist, and circumstances so questionable around a penny stock reverse merger that it's now the subject of an SEC Enforcement subpoena." On this news, Meta's stock fell 3.9% to close at $4.77 per share on November 16, 2021, thereby injuring investors. On November 15, 2021, Meta released its third quarter financial report and subsequently revealed that the Company had received a subpoena from the Securities and Exchange Commission ("SEC") in September investigating Meta's merger with Torchlight Energy Resources, Inc. If you are a shareholder who suffered a loss, click here to participate. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. His Substack newsletter, TLV Strategist, covers the Israel business scene.(PRNewsfoto/The Law Offices of Frank R. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. Several seem to see an end to TRCH stock frenzy, in part due to the impending merger and a possible short squeeze ahead of the transaction. The oil and gas exploration and production company based out of Plano, Texas, has become something of a regular on meme chats and threads, like Reddit’s r/WallStreetBets and other subreddits, in recent weeks. With its four full-time employees, Torchlight’s business doesn’t seem like it should attract the sort of social media love that it has. TRCH Stock Continues to Surface in Meme Chats ![]()
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