Datavault AI (NASDAQ: DVLT) has filed a federal lawsuit in the Northern District of Illinois, accusing unnamed defendants of securities fraud, defamation, and intentional tort. The lawsuit, represented by Dickinson Wright, targets individuals and entities under the identifiers Does 1-50, Roe Corporations 1-50, and XYZ LLCs 1-50. These parties are alleged to have engaged in manipulative trading practices, including 'naked' short selling, spoofing, layering, and marking the close, as well as spreading false information on platforms such as Stocktwits and LinkedIn.
Jacob Frenkel, Chair of Dickinson Wright’s Securities Enforcement Practice, stated the lawsuit aims to hold accountable those whose actions have adversely affected Datavault AI's stock value. This legal action not only seeks damages but also considers potential civil RICO claims, reflecting the serious implications of such alleged activities on investor confidence and the integrity of the market. The case underscores the challenges companies face in combating market manipulation and the spread of misinformation, which can have lasting effects on corporate reputation and shareholder value.
For further details on the lawsuit, visit https://ibn.fm/rbueY.
