Odaily Planet Daily News: The U.S. SEC has filed a lawsuit against Meta Materials and its former CEO John Brda and George Palikaras, accusing them of market manipulation, fraud and other violations. The U.S. SEC said that Brda and Palikaras planned and implemented a manipulation plan, including the immediate payment of preferred stock dividends before the merger. In addition, they distorted the fact that the company sold oil and gas assets and distributed proceeds to preferred shareholders, giving investors a wrong impression of the value of dividends. The SEC's indictment also accused Brda and Palikaras of violating the anti-fraud and proxy disclosure provisions of the federal securities laws, and requested permanent injunctions, prohibitions on executive and director positions, and civil penalties against the two defendants, and also required Brda to recover pre-judgment interest. (Sec.gov)
