Faruqi & Faruqi LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses exceeding $75,000 in C™ to contact him directly to discuss their options
If you suffer losses exceeding $75,000 ™C Between May 12, 2023 and March 25, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 15, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against C the metals Company Inc. (“C™”). or “Company”) (NASDAQ: ™C) and reminds investors of January 7, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executive officers violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) C™ maintained deficient internal controls over financial reporting; (2) as a result, the Company inaccurately classified the sale of future revenues attributable to the LCR Partnership as deferred income rather than debt; (3) the prior misclassification, when it becomes known, would require C™ to restate one or more of its previously issued financial statements; and (4) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
On March 25, 2024, C™ disclosed in a filing with the U.S. Securities and Exchange Commission that the company's financial statements for the first three quarters of 2023 “shall be restated and therefore should no longer be relied upon,” citing “Reassessing whether The offsetting entry for the proceeds it received from the LCR must be classified as debt or deferred income.” Furthermore, C™ explained that “(a) if a transaction with LCR was considered an equity investment rather than a sale transaction, the Reclassify the sale of future revenues as “equity liabilities” in accordance with appropriate accounting standards.
On this news, C™ stock price fell $0.205 per share, or 13.23%, to close at $1.345 per share on March 26, 2024.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about C™'s conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233779
