Datavault AI Inc. (NASDAQ: DVLT) has filed a federal lawsuit in the Northern District of Illinois, accusing unidentified parties of securities fraud, defamation, and intentional tort. The lawsuit alleges these parties engaged in 'naked' short selling and spread misinformation online, employing manipulative trading strategies such as spoofing, layering, and marking the close. Represented by Dickinson Wright, the legal action targets Does 1-50, Roe Corporations 1-50, and XYZ LLCs 1-50, aiming to address the negative impact on Datavault AI’s stock and market integrity.
Jacob Frenkel, Chair of Dickinson Wright’s Securities Enforcement Practice, stated the lawsuit's objective is to hold accountable those whose actions have harmed Datavault AI, despite the company's positive developments and strategic partnerships planned for 2025. The case seeks damages and considers civil RICO claims, reflecting the serious implications of such alleged practices on investor trust and the broader financial market. For more information, visit https://ibn.fm/rbueY.
