Defendant Name: Meta Materials, Inc. (f/k/a Torchlight Energy Resources, Inc.)

Defendant Type: Public Company

Document Reference: 2024-77

Document Details

Legal Case Name In the Matter of Meta Materials, Inc. (f/k/a Torchlight Energy Resources, Inc.)
Document Name SEC Charges Meta Materials and Former CEOs With Market Manipulation, Fraud and Other Violations
Document Date 25-Jun-2024
Document Format Administrative Proceeding
File Number 3-21976
Allegation Type Market Manipulation
Document Summary On June 25, 2024, the SEC "led charges against Meta Materials Inc. and its former CEOs, John Brda and George Palikaras. The company has agreed to settle the SEC’s charges in an administrative proceeding, while the SEC’s litigation against Brda and Palikaras will proceed in federal district court."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Monetary Penalties:

Civil Penalty

Individual:     $1,000,000.00 Shared:    

Related Documents:

33-11292 25-Jun-2024 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 And Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On June 25, 2024, the SEC instituted cease-and-desist proceedings against Meta Materials, Inc., stating: "In June 2021, Respondent raised $137.5 million in an at-the-market offering (the “ATM Offering”). Leading up to the offering and in connection with a merger, Respondent engaged in a scheme to inflate the price of its stock and defraud investors through numerous material misstatements and omissions about the potential value of a stock dividend to be issued as part of the merger. As a result of its fraudulent conduct, Respondent sold 16.2 million shares during its ATM Offering for tens of millions of dollars more than it could have absent its efforts to inflate its stock price."

Related Actions:

SEC v. John Brda, Georgios Palikaras
John Brda
Georgios Palikaras