CTV’s flagship investigative program airs multi-part series examining “stock spoofing” and Quantum’s USD $700M lawsuit against major Canadian banks
Quantum BioPharma Ltd. (NASDAQ/CSE: QNTM), a biopharmaceutical company advancing therapeutic and consumer-health innovations, has become the focus of a high-profile investigation by CTV News’ award-winning program W5. The nationally broadcast series examines the company’s allegations of widespread stock market manipulation—specifically, an illegal tactic known as “stock spoofing”—which forms the basis of Quantum Biopharma’s USD $700 million lawsuit against two of Canada’s largest financial institutions, CIBC and RBC.
The W5 series marks one of the most prominent national examinations to date of alleged spoofing activity involving a publicly traded Canadian biotech company. Parts One, Two and Three have already aired, drawing heightened public attention to the rarely discussed mechanics of market manipulation and its potential consequences for companies and retail investors.
Background: A Biotech Firm Fighting on Two Fronts
Quantum BioPharma develops innovative drug candidates and consumer wellness technologies, most notably Lucid-MS—its patented new chemical entity focused on addressing the underlying biology of demyelination in multiple sclerosis (MS). In parallel with its clinical progress, the company has alleged that illegal market activity significantly impacted its share price, visibility, and access to capital.
These concerns ultimately led Quantum Biopharma to file a lawsuit in the United States seeking USD $700 million in damages. The claim centers on alleged stock spoofing, a prohibited practice in which a trader places large orders they never intend to execute to distort supply and demand.
According to Quantum Biopharma, millions of fictitious orders flowed through Canadian bank trading platforms, contributing to what the company describes as artificial downward pressure on its stock. W5’s multi-episode investigation aims to unpack both the allegations and the industry-wide implications.
Inside W5’s Three-Part National Investigation
The first episode asks a striking question:
“Was a Canadian company’s multiple sclerosis research nearly derailed by market manipulation?”
The episode highlights Quantum Biopharma’s view that spoofing not only distorts trading activity but can disrupt a company’s ability to advance mission-critical programs—such as Lucid-MS, which in preclinical models has shown activity related to preventing and reversing myelin degradation, the biological hallmark of MS.
Part Two goes deeper inside the company’s experience. Journalist Jon Woodward, reporting for W5, outlines how Quantum Biopharma’s executives noticed irregular trading patterns they believed could not be explained by normal market behavior. The episode’s accompanying article, “‘Something was wrong’: Inside a Canadian biotech firm’s fight to prove ‘stock spoofing,’” chronicles Quantum Biopharma’s attempts to gather and present data indicating that allegedly fictitious orders were placed at a scale large enough to influence market perception.
Quantum Biopharma’s Co-Executive Chair, Anthony Durkacz, stated in the release that their position is based on Canadian exchange trading data that the company alleges shows stock spoofing “on a massive scale,” involving at least 16 million orders they argue were illegal or fictitious. The lawsuit claims the banks had responsibilities as gatekeepers to prevent such activity.
Leadership Response: Shedding Light on a Hidden Market Practice
Quantum Biopharma’s CEO, Zeeshan Saeed, expressed gratitude toward W5 for bringing national attention to spoofing, an activity he described as illegal yet widely misunderstood. Saeed stated that raising awareness is important not only for Quantum Biopharma but for retail investors and other companies who may be affected by similar practices.
He emphasized that despite the challenges, Quantum Biopharma continues to move forward with its scientific milestones, including advancing Lucid-MS, pursuing regulatory pathways, and expanding consumer-health assets through partners such as Unbuzzd Wellness.
Looking Ahead: A Pivotal Moment for Regulation and Transparency
The third installment of the W5 series is expected to continue exploring market manipulation, regulatory gaps, and the broader impact on Canadian companies operating across global exchanges.
For Quantum BioPharma, the national spotlight comes at a defining point in its trajectory—balancing clinical progress with a high-stakes legal battle that raises questions about market integrity, investor protection, and systemic oversight.
As the W5 investigation unfolds, the series positions Quantum Biopharma’s case as a catalyst for discussion on how modern capital markets function—and how vulnerable companies may be to misconduct hidden behind complex trading systems.
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