Next Bridge Hydrocarbons (MMTLP) Meta Materials Spin-Off Case

N.D. Texas

Court

4:24-cv-00767

Case number

07/14/2022

Class period Start

12/14/2022

Class period End

05/14/2024

Lead Plaintiff motion deadline

$MMTLP stockholder sued Next Bridge Hydrocarbons claiming that NBH's oil and gas assets were inaccurately valued and essentially worthless.
On December 8, 2022, $MMTLP dropped by 58% in one day.
In June 2021, NBH (formerly Torchlight Energy Resources) merged with Metamaterial Technologies.

Torchlight shareholders got Meta Materials preferred stock for their oil and gas assets.

On December 14, 2022, Meta Materials completed a spin-off its oil and gas assets into NBH, giving preferred stock holders shares in NBH.

Later, Meta Materials disclosed that the value of these assets during the spin-off was insignificant, leading to increased reserves on NBH's notes payable historically secured by these assets.

Based on these events, $MMTLP stockholder filed a claim against Next Bridge and its leaders, accusing them of the following:
NBH's oil and gas assets were not valued as previously stated.
In reality, these assets were essentially worthless throughout the relevant period.
Considering all the representations, investors have reasons to suspect that Next Bridge's oil and gas assets were inaccurately valued and essentially worthless.

Case Status

Motion to dismiss

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

12/08/2022

Filing date

03/15/2024

Lead Plaintiff Deadline

05/14/2024

Next Bridge Hydrocarbons (MMTLP) Meta Materials Spin-Off Case

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