This really comes as no surprise, but what does this mean for MMTLP investors?
While this is a move we sadly expected, it could complicate issues for a MMTLP resolution with Meta Materials now bankrupt and ceasing all operations.
In May of this year, Meta announced that they believed they had an actionable claim regarding wrongdoing in MMTLP and MMAT stock.
This was big news and a positive step for MMTLP. But what will happen with this investigation now that the company is bankrupt and ceasing operation?
We’ve seen this company go downhill since George Palikaras’s ousting. I don’t think anyone following Meta closely recently can be too surprised. The current Board of Directors seemed to be actively dismantling the company one step at a time.
We’ve even hinted on Twitter that this is likely due to hedge funds wanting to squash the case for illegalities in their stock.
Meta News sums this up in four sad words. SHORT SELLERS WIN AGAIN.
What’s going to happen to all this evidence they had? That is TBD. We suppose that attorney Wes Christian has the data. But will he do anything with it? If no one’s paying the bills, it’s unlikely. And does he even have the authority to act upon anything with Meta gone? All these answers are unknown at this time, but it’s unlikely anything will become of it. This is exactly what the short sellers wanted.
MMAT stock is down below the $1 threshold today to $.94 a share.
