Meta Materials Announces Favorable Ruling in Securities Class Action Lawsuit

HALIFAX, NS / ACCESSWIRE / October 2, 2023 / Meta Materials Inc. (the "Company" or "META") (Nasdaq:MMAT), a global leader in advanced materials and nanotechnology, today announced the U.S. District Court for the Eastern District of New York has granted the Company's motion to dismiss the securities class action lawsuit previously disclosed. The court ruled that the complaint fails to plead any false statements, material omissions, or a strong inference of fraudulent intent by META or the other named defendants. The court's order dismisses all claims against all defendants, including META.

The lawsuit, initially filed in January 2022, consolidated two separate class action lawsuits primarily stemming from a short-seller report and statements related to META's business and its proposed combination with Torchlight Energy Resources, Inc. The court's decision dismisses these allegations.

"We appreciate the court's thorough examination of the complaint and the Company's motion. Our priority remains serving our shareholders and continuing our work in the field of advanced materials and nanotechnology towards developing solutions that make a difference in people's lives." said George Palikaras, President and CEO of Meta Materials. "We are deeply appreciative of the trust, patience and support our shareholders, customers and partners have demonstrated throughout this process."

The court has not yet entered a judgment in favor of the defendants. Plaintiff might seek leave from the court to file an amended complaint and/or appeal the court's decision. Investors and shareholders can access a copy with further details in the Company's Form 8-K, which the Company filed with the SEC on October 2, 2023.

About Meta Materials Inc.

Meta Materials Inc. (META) is an advanced materials and nanotechnology company. We develop new products and technologies using innovative sustainable science. Advanced materials can improve everyday products that surround us, making them smarter and more sustainable. META technology platforms enable global brands to develop new products to improve performance for customers in aerospace and defense, consumer electronics, 5G communications, batteries, authentication, automotive and clean energy. Learn more at www.metamaterial.com.