HOUSTON, Oct. 28, 2024 /PRNewswire/ -- On Sunday, Christian Attar ("CA"), with co-counsel Freedman Normand Friedland, filed a market manipulation case on behalf of a firm client, Quantum Biopharma Ltd. (Nasdaq: QNTM) (CSE: QNTM), against CIBC World Markets, Inc. ("CIBC"), RBC Dominion Securities Inc. ("RBC"), and others.
In the complaint, Quantum Biopharma alleges that the defendants manipulated the price of its stock more than a thousand times over a four-year period, and that the defendants' manipulative trading practices caused significant harm to both Quantum Biopharma and its shareholders. Specifically, Quantum Biopharma alleges that the defendants repeatedly engaged in repetitive and persistent "spoofing" - a form of unlawful market manipulation whereby traders place sell-side orders they don't intend to fill, in order to put downward pressure on the price of a security so they can purchase it at an artificially low price. Quantum Biopharma further alleges that it was harmed by the defendants' "spoofing," because it sold shares of its stock during this period at artificially depressed prices.
Quantum Biopharma is seeking in the complaint, among other forms of relief, at least $700 Million in damages to compensate it for its alleged losses.
This case is reflective of what we believe is a trend of pervasive market manipulation by certain brokers, market makers, and/or each of their clients. We are thankful for our team of consulting experts on spoofing acts; as well as the data provided by ShareIntel and Buyins.net.
About Christian Attar
Christian Attar is a litigation boutique in Houston, Texas that has cases across the country, currently in Florida, California, Arkansas, New York and Texas. The firm and its attorneys have extensive experience in complex commercial litigation, including in market manipulation matters.
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SOURCE Christian Attar
