02:24 PM EDT, 05/21/2024 (MT Newswires) -- Meta Materials ( MMAT ) shares were up 41% in recent Tuesday trading, a day after the company announced that its lawyers had concluded it had "meritorious claims" for market manipulation of its stock.

The company's lawyers have been investigating so-called naked short selling in its stock since June 2023.

Meta Materials ( MMAT ) Chairman Jack Harding said the company will pursue legal proceedings against financial service firms that were responsible for the alleged manipulation, but did not identify any in its announcement.

Price: 3.25, Change: +0.95, Percent Change: +41.09