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Dickinson Wright Files Lawsuit Against ‘John Doe’ ‘Naked’ Short-Sellers of Datavault AI Common Stock
WASHINGTON, D.C., July 10, 2025 (GLOBE NEWSWIRE) -- via IBN – On Thursday, July 10, 2025, Dickinson Wright filed a lawsuit on behalf of the law firm’s client, Datavault AI, Inc. (Nasdaq: DVLT), (Datavault AI), alleging securities fraud (stock manipulation), defamation and intentional tort against “John Doe” “naked” short sellers of Datavault AI common stock on the Nasdaq Stock Market. The Complaint alleges that the short sellers engaged in the unlawful practice of “naked short selling” and other
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[{"type":"text","content":"WASHINGTON, D.C., July 10, 2025 (GLOBE NEWSWIRE) -- via IBN – On Thursday, July 10, 2025, Dickinson Wright filed a lawsuit on behalf of the law firm’s client, Datavault AI, Inc. (Nasdaq: DVLT), (Datavault AI), alleging securities fraud (stock manipulation), defamation and intentional tort against “John Doe” “naked” short sellers of Datavault AI common stock on the Nasdaq Stock Market. The Complaint alleges that the short sellers engaged in the unlawful practice of “naked short selling” and other manipulative devices – including marking the close, painting the tape, spoofing and layering. The Complaint further alleges that the “John Does” for themselves or acting in concert with the “naked” short sellers also published materially false and misleading and defamatory information on internet chat room “Stocktwits” and on LinkedIn. The lawsuit, filed in federal court in Chicago, seeks unspecified compensatory and special damages and other relief.","length":955,"tagName":"p"},{"type":"text","content":"Jacob Frenkel, Securities Enforcement Practice Chair at Dickinson Wright PLLC and lead counsel for Datavault AI, stated: “This lawsuit on behalf of our dynamic client Datavault AI challenges the too-often abusive, fraudulent and manipulative practice of ‘naked’ short selling, illegal behavior that is a scourge on early stage and entrepreneurial public companies. My expectation is that once we identify the perpetrators of these activities that the Department of Justice and the SEC have determined to be actionable, I am encouraged that the evidence will support amending our lawsuit to add civil RICO – civil racketeering – allegations against the soon-to-be known violators.”","length":680,"tagName":"p"},{"type":"text","content":"Datavault AI (Nasdaq: DVLT), as set forth in the lawsuit, rebranded earlier this year to reflect its focus on AI-driven data visualization, valuation, and monetization, alongside high-performance computing solutions. Datavault AI’s operations and product offerings come from the company’s two core business divisions -- data science and acoustic science. The company’s proprietary software uses blockchain, AI, and machine learning to enable secure data management, real-time valuation, and tokenization. The Complaint tells the company’s story for 2025 -- referencing its strategic partnerships formed this year, reviewing...