Next Bridge Beats Investor Suit Over Meta Materials Spinoff (1)

Next Bridge Hydrocarbons Inc. escaped allegations that it and a former executive misled investors about its oil and gas assets when it spun off from Meta Materials Inc. in 2022.

The investors failed to state liability claims under provisions of the 1933 Securities Act because they didn’t buy the relevant stock, rather shares were distributed to them as a result of their holdings in Meta Materials, said Judge Mark T. Pittman as he tossed the proposed class action with finality. And the former CEO of a predecessor to Meta Materials didn’t sell Next Bridge shares, rather promoted company Torchlight Energy ...