Meta Materials (NASDAQ: MMAT), a company specializing in advanced materials and nanotechnology, has provided an update on its investigation into naked short selling which began in June 2023. An initial analysis by Shareholder Intelligence Services suggested potential manipulation. Consequently, law firms Christian Attar and Warshaw Burstein were hired to investigate further.
The investigation, now concluded, confirms that META has valid claims of market manipulation against multiple entities. James "Wes" Christian of Christian Attar expressed confidence in META's actionable case. META's Board Chairman, Jack Harding, emphasized the importance of the collected data and announced plans to share findings with regulatory bodies and initiate legal proceedings in the upcoming quarters.
META will continue to provide updates as new information emerges.
Meta Materials Inc. (NASDAQ: MMAT) announced a significant reduction of 80% of its workforce due to liquidity challenges and the need for additional financing. The company is exploring strategic alternatives like asset divestiture and securing additional financing to avoid potential bankruptcy. However, the outcome remains uncertain without adequate cash influx.
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