Datavault AI (NASDAQ: DVLT) has taken a significant step by filing a federal lawsuit in the Northern District of Illinois, targeting unknown defendants for alleged securities fraud, defamation, and intentional tort related to ‘naked’ short selling and the spread of online misinformation. The lawsuit, represented by Dickinson Wright, accuses the defendants of employing manipulative trading tactics such as spoofing, layering, and marking the close, alongside disseminating defamatory statements on platforms like Stocktwits and LinkedIn.
The legal action seeks not only damages but also explores potential civil RICO claims, underscoring the severity of the allegations. Jacob Frenkel, Chair of Dickinson Wright’s Securities Enforcement Practice, emphasized the lawsuit’s goal to hold accountable those whose actions have negatively impacted Datavault AI’s stock, despite the company’s positive disclosures and strategic partnerships in 2025.
This lawsuit sheds light on the broader implications for companies operating in today’s digital and financial landscapes, where stock values and reputations can be significantly affected by online narratives and trading practices. The case against the unnamed defendants (Does 1-50, Roe Corporations 1-50, and XYZ LLCs 1-50) represents a critical moment for Datavault AI and potentially for other companies facing similar challenges.
For further details on the lawsuit, interested parties can view the full press release here.
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