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Scilex Holding Company Files Federal Securities Fraud Lawsuit Seeking Recovery of Approximately Ninety-Six (96) Million Misappropriated Collateral Shares of Datavault AI, Inc. from Marc Wade, The St. James Bank & Trust Company Ltd., Omega & Corinth Group Ltd., The Bank of New York Mellon Corporation, and Related Parties

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  • Scilex Holding Company filed a complaint in the U.S. District Court for the Central District of California against Marc Wade, The St. James Bank & Trust Company Ltd., Omega & Corinth Group Ltd., and related parties (the "Wade Defendants").
  • The lawsuit alleges an unauthorized scheme involving the transfer & sale of approximately 96 million Datavault AI, Inc. shares pledged as collateral in a late 2025 stock loan agreement.
  • The Bank of New York Mellon Corporation ("BNY Mellon") is also named as a defendant for allegedly opening & administering brokerage accounts used to improperly transfer & trade the shares.
  • Scilex claims the Wade Defendants sold the collateral shares into the public market without authorization & used the proceeds to fund the loan & generate profits.
  • The complaint alleges St. James Bank falsely represented that the pledged shares remained intact while they were actually sold.
  • Scilex asserts that the large volume of unauthorized trading significantly impacted the market price of Datavault stock & caused substantial financial harm.
  • Legal claims include violations of Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5, state securities fraud, fraud, conversion, & negligence.
  • Scilex is seeking recovery of the 96 million shares or their full value, compensatory damages exceeding $100 million, punitive damages, disgorgement of profits, & attorneys' fees.
  • Scilex's lead lawyer, Marc Kasowitz, described the alleged actions as an egregious conspiracy to defraud the company out of tens of millions of dollars.
  • Scilex is headquartered in Palo Alto, California, & focuses on non-opioid pain management products including ZTlido®, ELYXYB®, & Gloperba®.