Scilex files federal securities fraud suit over $100M sham stock-loan; alleges defendants sold pledged shares

Scilex Holding Co

Complaint filed March 11, 2026, against Marc Wade, St. James Bank, Omega & Corinth, and BNY Mellon.
Alleges 85M+ Datavault AI (DVLT) shares pledged as collateral were sold by defendants without authorization.
Loan proceeds were only ~$37M of the promised $100M, and sales were used to fund the loan and manufacture defaults.
Scilex claims BNY Mellon failed to comply with SEC reporting requirements while facilitating over $10M in suspicious trades.
Five causes of action: federal securities fraud, state securities fraud, fraudulent inducement, conversion, and negligence.

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