secwatch.observer — SEC 8-K summary
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Issuer:     Scilex Holding Co (SCLX)
CIK:        0001820190
Form:       8-K
Filed at:   2026-03-13T23:59:59+00:00
Accession:  0001193125-26-104940
Event type: litigation
Sentiment:  negative
Materiality: 0.85
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820190/000119312526104940/0001193125-26-104940-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820190/000119312526104940/sclx-20260313.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-104940

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer