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.
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