Scilex Sues Multiple Parties Over 96M DVLT Shares Transaction
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.
