Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
The latest update is out from Scilex Holding Company ( (SCLX) ).
On March 13, 2026, Scilex Holding Company filed a federal lawsuit in the U.S. District Court for the Central District of California against Marc Wade, The St. James Bank & Trust Company Ltd., Omega & Corinth Group Ltd., related parties and The Bank of New York Mellon Corporation. The complaint alleges that roughly 96 million Datavault AI, Inc. shares pledged as collateral in a 2025 stock loan were improperly transferred into BNY Mellon brokerage accounts and sold without authorization, despite St. James Bank’s assurances that the securities remained untouched.
Scilex contends the alleged scheme both misappropriated collateral and depressed the market price of Datavault shares, inflicting substantial financial harm on the company. It is seeking recovery of the pledged shares or their full value, compensatory damages exceeding $100 million, punitive damages, disgorgement of profits and legal costs, a move that underscores management’s effort to recoup significant assets and signals a more aggressive stance on protecting its balance sheet and shareholder interests through litigation.
More about Scilex Holding Company
Scilex Holding Company, based in Palo Alto, California, operates in the biopharmaceutical sector with a focus on acquiring, developing and commercializing non-opioid pain management therapies for acute and chronic pain, as well as neurodegenerative and cardiometabolic diseases. Its marketed products include ZTlido for postherpetic neuralgia, ELYXYB for acute migraine and Gloperba for gout flare prophylaxis, and it is advancing late-stage candidates such as SEMDEXA, SP-103 and SP-104 for various pain and fibromyalgia indications.
Scilex targets high unmet-need indications with large market opportunities, emphasizing non-opioid approaches to improve patient outcomes and generate recurring revenue from both approved products and a pipeline that has received U.S. FDA Fast Track designations. The company’s strategy centers on commercial execution in pain management while progressing its clinical assets through pivotal trials and toward potential regulatory approvals.
Average Trading Volume: 62,004
Technical Sentiment Signal: Sell
Current Market Cap: $74.81M
Learn more about SCLX stock on TipRanks’ Stock Analysis page.