NEW YORK, Oct. 23, 2024 -- On Sunday, Freedman Normand Friedland LLP ("FNF"), with co-counsel Christian Attar, filed a market manipulation case on behalf of 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 "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, among other forms of relief, damages to compensate it for its alleged losses.
About Freedman Normand Friedland LLP
Freedman Normand Friedland is a high-end litigation boutique with offices in New York, Miami, and Boston. The firm and its attorneys have extensive experience in complex commercial litigation, including in path-breaking antitrust, securities, and market manipulation matters.
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