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N.S. tech company carries on in face of security probe, class action – CBC.ca

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A Nova Scotia advanced technology company trading on the Nasdaq is downplaying an investor lawsuit launched against it this week.

The class action filed Monday in a New York court accuses Dartmouth-based Meta Materials Inc. of making false and misleading claims about its products that inflated its share price.

Meta Materials stock has plunged since it began public trading last year from $16.77 in July to $2.48 on Thursday.

“These types of lawsuits are unfortunately a common occurrence for companies with stock listed on public exchanges in the United States,” Mel Rusinak, manager of corporate affairs for Meta Materials, said in an email to CBC News.

“With the lawsuit having just been filed, it will be months before a lead plaintiff is appointed to represent the class and before we have an opportunity to respond. 

“We believe the lawsuit is without merit and intend to vigorously defend against it.”

None of the claims contained in the lawsuit has been tested in court.

Meta Materials founding CEO George Palikaras sports a pair of metaAIR protective glasses in Dartmouth, N.S., in 2018. (Fadila Chater/The Canadian Press)

The suit was filed by the Rosen Law Firm, which specializes in investor actions.

In the days following, other U.S. law firms have issued public calls for investors interested in joining the suit.

While the lawyers circle, company officials are showing off their wares this week at the giant Consumer Electronics Show in Las Vegas.

Meta Materials is developing advanced coatings that it says can make solar power more efficient, protect pilots from laser glare and improve the reception of 5G cellular signals when applied to windows on buildings. Meta Materials is also trying to develop wireless sensing medical devices.

The company disclosed in November that it is under investigation by the enforcement branch of the Securities and Exchange Commission.

Reverse merger

In September, it was served a subpoena ordering it to produce — among other things — documents and information relating to the deal that led to it going public on the Nasdaq.

“The company is co-operating and intends to continue to co-operate with the SEC’s investigation,” Meta said in its third-quarter report released Nov. 15.

It became listed after a reverse merger with publicly traded Texas company Torchlight Energy Resources. In a reverse merger, a private company buys out a public one, then has shares of the new business listed for public trading.

The SEC investigation disclosure was followed less than a month later by a blistering report from Miami investment firm Kerrisdale Capital. The firm is “shorting” the stock, meaning it makes money if the share price drops.

It described Meta as “a ‘Photonics’ company that’s an optical illusion … a $1-billion market cap company whose business is comprised of a whole lot of nothing: no real revenue, no promising technologies, undeveloped products, no track record of achievements.”

Rusinak declined to respond to the claims in the Kerrisdale report.

N.S. made $100M

One investor has come out ahead.

When Meta Materials was listed on the Nasdaq in July — with a spike in share prices — Nova Scotia Crown corporation InnovaCorp sold its $3.1-million early investment in the company and made $104 million in profit.

In total, more than $20 million in various forms of government assistance to Meta Materials has been announced, mostly from federal agencies. However, not all projects have advanced.

In 2017, Sustainable Development Technology Canada approved $5.4 million in total funding “to develop a novel manufacturing process for nanostructured solar coatings in Halifax.”

But the solar-powered vehicle technology project never got rolling. The agency told CBC News on Thursday that Meta Materials did not move forward and did not complete its first milestone.

“Other than a preliminary disbursement to kick off the project in 2018, the majority of the $5.4 million funding has not been provided to the company,” spokesperson Janemary Banigan said in an email.

ACOA says company ‘in good standing’

The Atlantic Canada Opportunities Agency has put in the most government money — $6.8 million.

It says each project undergoes rigorous due diligence.

“Meta Materials Inc. is in good standing with the agency. It would be inappropriate for ACOA to provide further comment,” said ACOA spokesperson Jay Witherbee in a response to CBC News.

The Business Development Bank has also invested $5 million in Meta Materials through a convertible debenture that can be converted into shares.

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Stop Asking Your Interviewer Cliché Questions

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Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.

In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.

English philosopher Francis Bacon once said, “A prudent question is one half of wisdom.”

The questions you ask convey the following:

  • Your level of interest in the company and the role.
  • Contributing to your employer’s success is essential.
  • You desire a cultural fit.

Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:

  • “What are the key responsibilities of this position?”

Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”

  • “What does a typical day look like?”

Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.

  • “How would you describe the company culture?”

Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”

Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.

  • “What opportunities are there for professional development?”

When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.

Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.

Here are my four go-to questions—I have many moreto accomplish this:

  • “Describe your management style. How will you manage me?”

This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.

  • “What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”

This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”

  • “When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”

Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.

  • “If I wanted to sell you on an idea or suggestion, what do you need to know?”

Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.

Other questions I’ve asked:

 

  • “What keeps you up at night?”
  • “If you were to leave this company, who would follow?”
  • “How do you handle an employee making a mistake?”
  • “If you were to give a Ted Talk, what topic would you talk about?”
  • “What are three highly valued skills at [company] that I should master to advance?”
  • “What are the informal expectations of the role?”
  • “What is one misconception people have about you [or the company]?”

 

Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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Canadian Natural Resources reports $2.27-billion third-quarter profit

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CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.

The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.

Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.

Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.

On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.

The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CNQ)

The Canadian Press. All rights reserved.

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Cenovus Energy reports $820M Q3 profit, down from $1.86B a year ago

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CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.

The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.

Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.

Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.

Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.

On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CVE)

The Canadian Press. All rights reserved.

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