SAN DIEGO , Nov. 8, 2024 /PRNewswire/ -- Robbins LLP announces that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired TMC the metals company Inc. (NASDAQ: TMC) securities between May 12, 2023 and March 25, 2024 .
TMC is a deep-sea minerals exploration company focused on the collection, processing, and refining of polymetallic nodules. For more information, submit a form , email attorney Aaron Dumas, Jr. , or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that TMC the metals company Inc. (TMC) Failed to Disclose its Deficient Internal Controls Over Financial Reporting According to the complaint, during the class period, defendants failed to disclose that: (i) TMC maintained deficient internal controls over financial reporting; (ii) as a result, the Company inaccurately classified the sale of future revenue attributable to the LCR Partnership as deferred income rather than debt; and (iii) the foregoing misclassification, when it became known, would require TMC to restate one or more of its previously issued financial statements. Plaintiff alleges that on March 25, 2024 , TMC disclosed in a filing with the SEC that the Company's financial statements for the first three quarters of 2023 "should be restated and, accordingly, should no longer be relied upon", citing the "re-evaluat[ion of] whether the offsetting entry to the proceeds it received from LCR should be classified as .