![]() We have reviewed the preliminary report from ShareIntel, and as a result we have engaged the services of Christian Smith & Jewell. Through ShareIntel, META was able to obtain trading analytic metrics, and its analysis has seemingly identified trade imbalances in the trading of MMAT shares which are potentially material relative to META’s public float and average trading volume. ![]() “META has completed an initial trading analysis with ShareIntel Shareholder Services, LLC, as part of its continued commitment to protecting investors and maximizing shareholder value. MMAT stock is currently down nearly -80% this year-to-date. Meta Materials announced in late June that it has retained the law firm of Christian Smith & Jewell, LLP to help investigate allegations of naked short selling of Meta Materials’ stock, MMAT. Is MMAT’s Naked Short Selling Investigation the Root Cause of SEC ‘Wells Notices’? Market News Daily – SEC is Now Investigating Meta Materials Former and Current CEOs. If the SEC were to authorize an action against the Company and/or any of the individuals, it could seek an injunction against future violations of provisions of the federal securities laws, the imposition of civil monetary penalties, and other equitable relief within the SEC’s authority.Īccording to the filing, the company’s Board of Directors is reviewing the Wells Notices but has not yet determined its next course of action regarding the Wells Notices. It allows the recipients the opportunity to address the issues raised by the enforcement staff before a decision is made by the SEC on whether to authorize any enforcement action. It’s important to address that a Wells Notice is neither a formal charge of wrongdoing nor a final determination that the recipient has violated any law. Specifically, the Wells Notice received by the Company states that the proposed action would allege violations of Section 17(a) of the Securities Act, which involves the processing of securities transfers, safekeeping of investor and issuer funds and securities and maintaining records of investor ownership. The Wells Notices each state that the SEC staff has made a preliminary determination to recommend that the SEC file a civil enforcement action against the recipients alleging violations of certain provisions of the U.S. On July 20, 2023, the SEC provided Brda and Palikaras with “ Wells Notices” relating to a previously disclosed SEC investigation into, among other things, the merger involving Torchlight Energy Resources, Inc. The Securites and Exchange Commission (SEC) is now investigating Meta Materials (NASDAQ: MMAT) former CEO John Brda (Torchlight) and current CEO George Palikaras according to a new filing. It may also help if we as a community ask for a response to the OPs question as well.Market News Daily – SEC is Now Investigating Meta Materials Former and Current CEOs. You understand that when you signed up to 212, this was not supported by 212, however due to the nature/potential value of the event, could 212 consider this proposal.ĭoes that sound a reasonable ask or have I missed a step on this event? If so, until 212 have a solution to process/handle corporate action events going forward, is your question to 212, to ask if in this instance when this happens, can they ensure for all investors that held the original security, including yourself, be paid this value so you do not lose out from being customers of 212. ![]() ![]() Understand your frustration, but as a community how about we put forward a proposal and ask if 212 could accommodate.įrom your multiple threads all about the same thing(bit confusing), the crux of your concern appears to be the additional special dividend shares awarded that are currently worth nil, which may pay out a special capital distribution once all its segregated assets have been sold down(if anything left after expenses). Does that mean WeBull have the same issue as well? ![]()
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