A progressive Nova Scotia tech company listed on the Nasdaq has dismissed an investor lawsuit filed against it this week.

The class action lawsuit filed in a New York court on Monday accuses Dartmouth-based Meta Materials Inc. of making false and misleading claims about their products that drove their share price high.

Meta Materials stock has fallen from $ 16.77 in July to $ 2.48 on Thursday since it began public trading last year.

“Unfortunately, this type of litigation is a common occurrence among companies whose shares are listed on public exchanges in the United States,” Mel Rusinak, corporate affairs manager for Meta Materials, said in an email to CBC News.

“With the lawsuit just filed, it will be months before a lead plaintiff is appointed to represent the group and we have a chance to respond.

“We believe the lawsuit is unfounded and we intend to defend ourselves vigorously.”

None of the claims contained in the lawsuit have been examined in court.


Source link

Leave a Reply