Scilex Files Securities Fraud Suit Over Stock Loan

An update from Scilex Holding Company ( (SCLX) ) is now available.

On March 13, 2026, Scilex Holding Company disclosed that it has filed a civil complaint in the U.S. District Court for the Central District of California against individuals including Marc Wade and several Bahamas-based entities, as well as Bank of New York Mellon Corporation. The company alleges a conspiracy surrounding a late-2025 non-recourse stock loan in which it pledged over 85 million Datavault AI, Inc. shares as collateral, asserting that the defendants never intended to fund the loan as agreed and instead sold the pledged securities without authorization.

Scilex contends that the defendants’ actions deprived it of tens of millions of Datavault shares and their value, while heavy selling pressure allegedly depressed Datavault’s market price and triggered purported loan defaults that forced Scilex to post additional collateral and pay extra fees. The complaint, which includes federal and state securities fraud, fraudulent inducement, conversion, and negligence claims, underscores significant alleged financial harm to Scilex and could have broader implications for how stock-backed lending arrangements and custodial responsibilities are scrutinized in capital markets transactions.

More about Scilex Holding Company

Scilex Holding Company is a Delaware corporation based in Palo Alto, California, operating in the pharmaceutical and healthcare sector with an investment interest in Datavault AI, Inc., a publicly traded company. The firm actively uses stock-based financing and holds substantial positions in external technology-related assets as part of its broader capital-raising and strategic support activities.

Average Trading Volume: 62,004

Technical Sentiment Signal: Sell

Current Market Cap: $74.81M

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