Quantum BioPharma Ltd., a biopharmaceutical company focused on developing innovative assets and biotech solutions, has initiated legal action by filing a complaint in the United States District Court for the Southern District of New York against CIBC World Markets (CIBC), RBC Dominion Securities (RBC), and other defendants. The lawsuit alleges market manipulation activities involving the use of “spoofing” techniques to influence the share price of Quantum BioPharma shares between January 1, 2020, and August 15, 2024. Quantum BioPharma seeks damages exceeding $700 million USD.
Spoofing is described by FINRA as a form of market manipulation that distorts market transparency and integrity by submitting and canceling non-bona fide buy and sell orders. The company’s legal representation has conducted a thorough investigation into the defendants’ conduct and gathered evidence to support the claims of market manipulation.
The legal firms representing Quantum BioPharma have taken on the case on a contingency basis, relieving financial pressure on the company. The lawsuit aims to compel accountability for the alleged detrimental impact on the company’s stock value and retail investors due to the defendants’ actions.
Quantum BioPharma emphasizes the significance of the lawsuit in protecting shareholder equity and seeking justice for the alleged damages caused by the defendants’ trading practices. The company remains open to resolving the matter amicably with the banks and brokers involved, while refraining from disclosing additional parties suspected to be part of the manipulation scheme.
For more information on the legal representation involved in this case, visit the websites of Christian Attar and Freedman Normand Friedland LLP. Quantum BioPharma’s focus remains on advancing its innovative assets for the treatment of neurodegenerative and metabolic disorders and alcohol misuse disorders.
