N.S. tech company carries on in face of security probe, class action
CBC
A Nova Scotia advanced technology company trading on the Nasdaq is dismissing an investor lawsuit launched against it this week.
The class action filed Monday in a New York court accuses Dartmouth-based Meta Materials Inc. of making false and misleading claims about its products that inflated its share price.
Meta Materials stock has plunged since it began public trading last year from $16.77 in July to $2.48 on Thursday.
"These types of lawsuits are unfortunately a common occurrence for companies with stock listed on public exchanges in the United States," Mel Rusinak, manager of corporate affairs for Meta Materials, said in an email to CBC News.
"With the lawsuit having just been filed, it will be months before a lead plaintiff is appointed to represent the class and before we have an opportunity to respond.
"We believe the lawsuit is without merit and intend to vigorously defend against it."
None of the claims contained in the lawsuit has been tested in court.
The suit was filed by the Rosen Law Firm, which specializes in investor actions.
In the days following, other U.S. law firms have issued public calls for investors interested in joining the suit.
While the lawyers circle, company officials are showing off their wares this week at the giant Consumer Electronics Show in Las Vegas.
Meta Materials is developing advanced coatings that it says can make solar power more efficient, protect pilots from laser glare and improve the reception of 5G cellular signals when applied to windows on buildings. Meta Materials is also trying to develop wireless sensing medical devices.
The company disclosed in November that it is under investigation by the enforcement branch of the Securities and Exchange Commission.
In September, it was served a subpoena ordering it to produce — among other things — documents and information relating to the deal that led to it going public on the Nasdaq.
"The company is co-operating and intends to continue to co-operate with the SEC's investigation," Meta said in its third-quarter report released Nov. 15.
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
A Surrey, B.C., man says two recent shootings at his businesses are connected to ongoing extortion attempts targeting the South Asian community.
The only Friday the 13th of the year is coming up this week and for Port Dover, Ont., that means the return of the famous biker rally.
Stellantis workers at the Windsor, Ont., assembly plant are returning to two full shifts a week earlier than previously expected.
As Alberta faces the prospect of another summer plagued by wildfire smoke, experts are urging people to monitor conditions and take steps to protect their long-term health.
Before Justin Gill began working at NorWest Community Health Centres (NWCHC), he thought fentanyl was the most toxic substance impacting drug users in Thunder Bay, Ont.
A crumbling façade is just the beginning of several major structural issues plaguing Elizabeth Zielger Public School (EZPS) in Waterloo, according to a long-awaited engineering report released Wednesday.
P.E.I.'s auditor general says the province's net debt, the highest in the province's history, is unsustainable.
A handful of Indigenous governments want to see more criteria enshrined in the conditions of Diavik diamond mine's new water licence, to determine that water will be safe for cultural uses.
Global trade will be a major focus at next week's G7 summit as world leaders gather in Alberta, including U.S. President Donald Trump, who will be making his first appearance at a major international event since returning to the White House in January.
Moments after he was shot in Toronto's Weston neighbourhood Saturday night, a teenage boy lay bleeding out in front of a local health-care centre — and one witness says her repeated cries for help at the facility's front door were ignored.
A wanted fugitive accused of being the ringleader of a grandparent scam has left tenants in two southwestern Ontario cities with a host of maintenance issues and no one to turn to for help.
Conservatives and New Democrats don't agree on much, but it appears both have issues with provisions tucked into Bill C-2, the Carney government's Strong Borders Act.