Quantum BioPharma Ltd. (NASDAQ: QNTM) (CSE: QNTM) has publicly opposed a joint motion to dismiss filed by CIBC World Markets and RBC Dominion Securities in a U.S. District Court, marking a significant step in a legal battle over alleged market manipulation. The lawsuit, which seeks over $700 million in damages, accuses these institutions of engaging in 'spoofing' activities between January 1, 2020, and August 15, 2024, actions that Quantum claims have violated federal securities laws and artificially depressed its stock price.
The legal action, pursued on a contingency basis by Christian Attar and Freedman Normand Friedland LLP, alleges that the defendants executed hundreds of spoofing instances, significantly impacting Quantum's stock price, which once traded above $460 per share. Quantum's firm stance against the motion to dismiss underscores its commitment to accountability and justice for its shareholders, as well as the integrity of the market. For more details on the case, visit https://ibn.fm/aVf7r.
This lawsuit transcends the immediate financial stakes, posing critical questions about the enforcement of securities laws and the protection of investors from market manipulation. The resolution of this case could set a precedent for future regulatory actions and the approach to similar allegations in the financial sector. Meanwhile, Quantum BioPharma remains focused on its core mission in the biopharmaceutical industry, developing innovative treatments for neurodegenerative and metabolic disorders, as well as alcohol misuse disorders, demonstrating its dual commitment to advancing medical science and safeguarding investor interests.
