Scilex Sues Multiple Parties Over 96M DVLT Shares Transaction
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 13 2026
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Should l Buy SCLX?
Scilex Holding Company (SCLX) has filed a complaint in the United States District Court for the Central District of California against Marc Wade, The St. James Bank & Trust Company, Omega & Corinth Group, and related parties, alleging a scheme involving the unauthorized transfer and sale of approximately 96M Datavault AI (DVLT) common shares that were pledged as collateral in a stock loan transaction. The lawsuit also names The Bank of New York Mellon Corporation (BK) for its alleged role in opening and administering brokerage accounts through which the Pledged DVLT Shares were allegedly improperly transferred and traded. Scilex is seeking recovery of the Pledged DVLT Shares, compensatory damages exceeding $100M, punitive damages, disgorgement of profits, and other relief.
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About SCLX
Scilex Holding Company is focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain. The Company’s commercial products include ZTlidoO (lidocaine topical system) 1.8% for the relief of neuropathic pain associated with postherpetic neuralgia (PHN); ELYXYB, a ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and GLOPERBA, the liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In addition, it focuses on product candidates, including SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (SEMDEXAO), an epidural injections formulation to treat lumbosacral radicular pain, or sciatica; SP-103 (lidocaine topical system) 5.4%, a ZTlido formulation, for the treatment of acute pain; and SP-104 (4.5 mg, low-dose naltrexone hydrochloride delayed-release capsules) (SP-104) for fibromyalgia treatment.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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Involvement of SEC: The complaint has been submitted to the SEC, indicating regulatory scrutiny over the transaction.
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Involvement of SEC: The complaint has been submitted to the SEC, indicating regulatory scrutiny over the transaction.
See More
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- Support for Technological Innovation: This investment will enable Quantum Scan to develop advanced diagnostic platforms and scalable healthcare solutions, improving accessibility and efficiency in healthcare delivery, thereby addressing the growing market demand and enhancing patient care experiences.
- Synergistic Effects: Scilex believes this investment complements its substantial investment in Datavault AI, further solidifying its strategic positioning in the non-opioid pain management sector and driving overall business growth.
- Leadership Confidence: Quantum Scan CEO Mustaq Patel stated that Scilex's investment will accelerate their innovation in medical technologies, reflecting confidence in their team and vision, indicating potential for long-term value creation within the healthcare ecosystem.
See More
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See More
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- Industry Expertise: Marc Kasowitz is a highly experienced U.S. trial lawyer with decades of experience in complex commercial litigation, having handled high-stakes intellectual property disputes in federal and state courts, which will provide Scilex with robust legal support to stand out in a competitive market.
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See More
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- Digital Wallet Requirement: All eligible shareholders must open a digital wallet with Datavault AI and execute an Opt-In Agreement to receive the Meme Coin, a requirement that will drive user engagement with the company's digital platform.
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- Digital Wallet Requirement: Eligible shareholders must open a digital wallet with Datavault AI and execute an Opt-In Agreement to receive the Meme Coin, which will drive user engagement with digital assets and enhance the company's digital ecosystem.
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See More
