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MMTLP.US
id: 1155

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

E.D. New York
Court
1:24-cv-01927
Case number
14 Jul 2022
Class period Start
14 Dec 2022
Class period End
14 May 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.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08 December 2022
Filing date
15 March 2024
Lead Plaintiff Deadline
14 May 2024
Collecting participants…

Next Bridge Hydrocarbons, Inc.

Next Bridge Hydrocarbons is an energy company focused on acquiring, exploring, exploiting, and developing oil and natural gas properties within the United States.

    Ticker
    MMTLP.US
    CIK
    0001936756
    Sector
    Energy
    Industry
    Oil & Gas
    Country
    US
    Address
    500 West Texas Avenue, Suite 890, Midland, TX, 79701