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Quantum BioPharma Files $700 Million USD Lawsuit Against CIBC, RBC, and Others for Alleged Stock Manipulation

Posted by AGORACOM-JC at 4:31 PM on Monday, October 21st, 2024

Logo of Quantum Biopharma. Click to go to a Home page

 

  • Significant lawsuit filed in the United States District Court for the Southern District of New York
  • Seeking damages in excess of $700 million USD
  • Alleges market manipulation through the practice of “spoofing”

Quantum BioPharma Ltd. (NASDAQ)(CSE)(FRA:0K91), a cutting-edge biopharmaceutical company, has filed a significant lawsuit in the United States District Court for the Southern District of New York, seeking damages exceeding $700 million USD. The lawsuit alleges that CIBC World Markets (CIBC), RBC Dominion Securities (RBC), and several other entities engaged in a years-long market manipulation scheme involving “spoofing” techniques that artificially depressed the company’s stock price.

According to the lawsuit, these manipulative actions occurred between January 1, 2020, and August 15, 2024, causing substantial financial harm to Quantum BioPharma and its shareholders. The company’s legal team is comprised of the prestigious law firms Christian Attar and Freedman Normand Friedland LLP, who, alongside forensic investigators, uncovered evidence of this potential scheme.

Market Manipulation and Spoofing Allegations

The term “spoofing” refers to a deceptive trading practice wherein non-bona fide buy and sell orders are placed with the intention of canceling them before execution. These fake orders create an illusion of market activity, misleading investors and influencing stock prices. The Financial Industry Regulatory Authority (FINRA) classifies spoofing as a harmful practice that distorts the transparency and integrity of the financial markets.

Quantum BioPharma’s complaint alleges that the Defendants repeatedly used spoofing tactics to artificially lower the value of its stock, causing devastating financial losses for both the company and its retail investors. This extensive manipulation allegedly resulted in hundreds of instances where Quantum BioPharma’s stock was artificially suppressed, allowing others to profit at the expense of the company’s shareholders.

In January 2020, Quantum BioPharma’s stock was trading at over $460 USD per share, with a market cap approaching $1 billion. As of October 18, 2024, the stock closed at just $7.55 USD per share, with a market cap of under $15 million USD.

Legal Representation and Case Outlook

James Wes Christian of Christian Attar Law Firm, a lead counsel on the case, noted that this is one of the most significant market manipulation cases they have encountered in over two decades of practice. “I believe the damage model could be in excess of $700 million,” he stated, underscoring the scale of harm inflicted on the company.

Velvel Freedman, a partner at Freedman Normand Friedland LLP and co-lead counsel, emphasized the importance of this lawsuit for Quantum BioPharma and its shareholders. “This case involves an alleged widespread manipulation scheme with severe consequences for our client’s stock value. Quantum’s management is determined to protect shareholder equity and hold the Defendants accountable.”

Quantum BioPharma’s CEO and founder, Zeeshan Saeed, echoed the importance of the case for the company’s future. “We believe that our shareholders have suffered immensely due to the Defendants’ trading practices. We will utilize every legal means available to seek justice.”

Future Developments

Quantum BioPharma has suggested that additional financial institutions may be implicated in the alleged manipulation. The company has refrained from naming other parties at this time, pending further investigation.

Despite the ongoing litigation, the company remains open to dialogue and is willing to explore amicable solutions with the involved parties.

About the Law Firms

Christian Attar is a prominent law firm specializing in civil litigation, including stock fraud and shareholder disputes. With headquarters in Houston, Texas, the firm operates both domestically and internationally. Freedman Normand Friedland LLP is a high-end litigation boutique with expertise in complex commercial litigation, including securities fraud and market manipulation. The firm has offices in New York, Miami, and Boston.

For more information on the legal teams:

Source: https://ca.finance.yahoo.com/news/quantum-biopharma-nasdaq-qntm-files-110000041.html

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Save Canadian Mining: The Big Push

Posted by AGORACOM-JC at 6:11 PM on Thursday, September 19th, 2024

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Naked short selling has emerged as a significant threat to Canadian small-cap companies, costing the sector an estimated $1 trillion, according to Terry Lynch referencing a recent Globe & Mail article. This alarming statistic underscores the urgent need for reform in the Canadian market. Lynch is not only at the helm of Power Nickel but also the driving force behind “Save Canadian Mining,” an advocacy group committed to protecting small-cap stocks. The group boasts support from industry heavyweights like Eric Sprott, Keith Neumayer, and Robert McEwen, all of whom have contributed their time and resources over the past four years to combat the detrimental effects of illegal short selling.

A History of Advocacy

In the last year, Save Canadian Mining has organized major webcasts to shed light on these issues. The initiative kicked off with the Black Friday event in November 2023, featuring experts Wes Christian and David Wenger. They discussed a groundbreaking New York case where broker-dealers were deemed liable for failing to fulfill their “gatekeeping responsibilities” in monitoring client trading actions.

This was followed by the Good Friday video in March 2024, during which Lynch and his team uncovered the alarming mechanisms facilitating rampant naked short selling. They outlined actionable steps regulators could take to put an end to these practices, galvanizing thousands of small-cap companies and investors to join the cause.

Recent Developments

The outreach efforts have not gone unnoticed. Following the substantial interest generated by these videos, Save Canadian Mining secured meetings with key officials in the Ontario Provincial Government. This momentum led to a strategic pause in the campaign to allow for potential regulatory reforms.

However, a recent legal filing in the Supreme Court of British Columbia has revealed troubling evidence of collusion between banks and regulators aimed at suppressing the truth about these illicit trading practices. This documentation includes:

  • 12 Years of Data
  • 166 Exhibits
  • 3,631 Pages of Evidence

The findings suggest a “pattern consistent with the definition of organized crime,” amplifying the seriousness of the situation and the need for immediate action.

The Big Push

As the campaign gears up for a class-action lawsuit against one of Canada’s major banks, Save Canadian Mining is mobilizing hundreds of small-cap companies, their investors, and vendors. A coordinated social media campaign is set to amplify their message, making it impossible for banks, regulators, and government officials to ignore the growing demand for fair markets.

Lynch and his team are not just advocating for change; they are actively calling on investors to engage passionately on social media. An exciting announcement has been hinted at in the latest video, which includes an Easter egg that active participants will surely want to discover.

Conclusion

The time for action is now. As Save Canadian Mining embarks on this significant initiative, it invites everyone—investors, small-cap companies, and industry stakeholders—to share their message across social media platforms. Together, we can push for a more equitable Canadian market that protects investors and ensures a level playing field.

Let the Big Push begin! Thank you for your support and for sharing this vital message within your networks.

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Save Canadian Mining – The Big Push

Posted by AGORACOM-JC at 2:15 PM on Tuesday, September 17th, 2024

Naked Short Selling has cost Canadian small cap companies upwards of $1 Trillion according to Terry Lynch referencing a recent Globe & Mail article.

Terry Lynch is the CEO of Power Nickel and the Founder of “Save Canadian Mining”, the small cap stock advocacy group backed by industry giants such as Eric Sprott, Keith Neumayer, Robert McEwen and multiple sponsors who have worked tirelessly and given generously over the last 4 years to conduct research, create reports and meet with key government officials & regulatory bodies – all for the singular purpose of putting an end to the devastating practice of illegal short selling in the Canadian small cap market.

FRIDAY THE 13TH UPDATE VIDEO FOLLOWS BLACK FRIDAY AND GOOD FRIDAY  VIDEOS

On a couple of occasions over the past 10 months Save Canadian Mining has held major webcasts for the industry, beginning with the Black Friday event (November 2023) in which Wes Christian and David Wenger discussed the landmark decision in a New York case in which Broker-Dealers could now be liable for failing to fulfill their “Gatekeeping Responsibilities” of monitoring client trading actions

Then came the Good Friday video (March 2024) in which Terry and his team not only discovered the shocking mechanism to facilitate the firehose of naked short selling – but along with it the specific actions that could easily be taken by regulators and/or government officials in order to put an end to it.

Thousands of small cap companies and tens of thousands of investors participated.

As a result of the reaction and reach of that video, which laid the foundation for both a massive industry wide social media campaign and a potential billion dollar plus class action lawsuit against one of Canada’s big banks, Save Canadian Mining was able to secure meetings with leading Ontario Provincial Government officials.  At that point, a decision was made to pause the campaign in order to give the talks a chance to bear fruit.

We are going to talk about those talks, as well as, a shocking revelation that came out of a legal document filed with the Supreme Court of British Columbia recently.

RCMP & DOJ RECEIVE EVIDENCE DETAILING EVIDENCE OF COLLUSION BETWEEN BANKS AND REGULATORS TO SUPPRESS THE TRUTH

  • 12 Years
  • 166 Exhibits
  • 3,631 Pages
  • “A Pattern Consistent With The Definition Of Organized Crime”

Suffice it to say, this 3rd installment of the Save Canadian Mining video series is the most serious and important one yet

SUE + SOCIAL MEDIA PRESSURE + EMBARRASS.  THE PLAN TO MOBILIZE SMALL CAP COMPANIES, INVESTORS AND VENDORS

While the class action ramps up, we have put together a plan to mobilize hundreds of small cap companies, their investors and their vendors with a coordinated social media campaign that simply can not be ignored by the banks, regulators and government.

Finally, for investors that are active, vocal and passionate about this topic on social media platforms, there is an Easter Egg waiting for you in this video that you 100% guaranteed will NOT want to miss.

Thank you for now taking the time to watch this video and please be sure to share it with your networks across all of your social media platforms.

Let the brawl begin.

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VIDEO – Before #WallStreetBets There Was #SaveCanadianMining Who Saved Canadian Small Cap

Posted by AGORACOM-JC at 6:07 PM on Tuesday, February 2nd, 2021
Save Canadian Mining | LinkedIn

On October 1st, the Ontario Securities Commission (OSC) and Investment Industry Regulatory Organization of Canada  (IIROC) issued a press release in which they stated:

“As outlined in joint whistleblower guidance published today, the OSC and IIROC have reason to believe that certain market participants may be engaged in abusive short selling practices.”

and then announced this MASSIVE BOUNTY on predatory short sellers:

“Those who provide information to the OSC Whistleblower Program may be eligible for awards of up to $5 million for tips that lead to an OSC enforcement action.”

What effect has this had on the smallcap markets?  Let’s look at the TSX Venture Index   

On behalf of all small cap issuers, investors and service providers, we’re grateful to the OSC and IIROC for stepping up and putting their foot down.

However, none of this would have happened if it were not for the efforts of “Save Canadian Mining”, the lobbyist/advocacy group founded by Terry Lynch and backed by industry giants such as Eric Sprott, Sean Roosen, Keith Neumeyer and Rob McEwen and 3,000 + small cap investors who wrote the cheques necessary to hire the experts and analysts to help SCM make their case.

As such, if your Canadian small cap stock or stocks have appreciated nicely over the past 2 1/2 months without being hit by predatory short seller attacks, we should all be thanking SCM for their relentless and tireless work.

To this end, we were happy to interview Terry Lynch to find out if this 8 year nightmare is over and what final steps they are hoping to achieve with the Ontario Provincial Government, OSC, IIROC and CSA over the next 90 days to finally put an end to this.   Watch this great interview.

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