Scilex files federal securities fraud lawsuit over 96M misappropriated Datavault collateral shares

Scilex Holding Co

Filed complaint in Central District of California against Marc Wade, St. James Bank, Omega & Corinth, and BNY Mellon.
Alleges unauthorized transfer and sale of ~96M Datavault shares pledged as collateral in stock loan agreement.
Seeks recovery of shares, compensatory damages >$100M, punitive damages, and disgorgement.
Claims include federal securities fraud (10b-5), state securities fraud, conversion, and negligence.
Large volume of trading allegedly impacted DVLT market price, causing substantial financial harm to Scilex.

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