Deep Sea Miner TMC Beats Investor Suit Over Debt Accounting Fix

TMC The Metals Co. defeated allegations the ocean floor miner misled investors over debt levels and accounting abilities for complex transactions before announcing it would revise certain 2023 financial statements.

Investors failed to allege any of TMC’s statements about its accounting of a partnership with Low Carbon Royalties Inc. were false, Judge Percy Anderson said. Nor did the investors support their allegations with claims executives didn’t consult with accounting experts, didn’t believe in TMC’s accounting capabilities, or knew procedures were faulty when sharing the accounting methodology for a royalty it granted Low Carbon in their deal, the US District Court ...