Quantum BioPharma files lawsuit against CIBC World Markets, RBC Dominion

Quantum BioPharma announces the Company, on 20th October 2024, has filed a complaint in the United States District Court for the Southern District of New York alleging that CIBC World Markets, RBC Dominion Securities, and others engaged in market manipulation schemes that violated Section 10(b) and Rule 10b-5(a) and (c) and Section 9(a) of the Securities Exchange Act of 1934. This lawsuit alleges that between 1st of January 2020, and 15th of August 2024 the Defendants and/or their customers used “spoofing” techniques to manipulate the share price of Quantum BioPharma shares. The Company is seeking damages of more than $700M. The law firms Christian Attar and Freedman Normand Friedland have decided to take and file this case on a contingency basis, so there will be no material financial pressure on the Company to bear the legal costs associated with this case. These law firms, working with industry experts, conducted an extensive investigation into the Defendants’ conduct, and have concluded that there is sufficient evidence of market manipulation for the Company to pursue claims against the Defendants. The complaint details this evidence, which the Company alleges demonstrates that Defendants “spoofed” the market hundreds of times, thereby artificially depressing the price of the Company’s stock again and again and harming both the Company and its many retail investors. The Company’s stock in January 2020 was trading over $460 per share with a market cap close to almost One Billion dollars. The Company’s share price as of market close on Friday Oct 18th, 2024, was $7.55 per share with a market cap of less than $15M. The Company believes that, besides CIBC and RBC, there are other banks/brokers who are also involved in this alleged market manipulation scheme in the company’s stock. The Company will refrain from naming them at this point until more conclusive evidence has been gathered. The Company is open to dialogue and will always remain open to finding an amicable solution with the banks and brokers involved.