on Meta Materials Inc. (NASDAQ:MMAT)
Meta Materials Announces Update on Naked Short Selling Investigation
Meta Materials Inc. (NASDAQ:MMAT), an advanced materials and nanotechnology firm, has provided an update on its ongoing investigation into potential naked short selling. The investigation, initiated in June 2023, involved Shareholder Intelligence Services, LLC to review trading patterns of the Company's stock.
Following a detailed analysis, Meta Materials engaged law firms Christian Attar and Warshaw Burstein to scrutinize the validity of the claims. The law firms have concluded that the Company has substantial claims for market manipulation against multiple parties, according to James "Wes" Christian of Christian Attar.
Jack Harding, META Board Chairman, stated that the findings will be shared with regulatory agencies, and the Company plans to file legal proceedings against the implicated financial service firms in the coming quarters. Further press releases will be issued as more information becomes available.
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