VisionWave files complaints with Nasdaq, FINRA on ‘abnormal’ market activity

VisionWave (VWAV) Holdings has formally submitted complaints to Nasdaq MarketWatch and FINRA Market Regulation regarding apparent abnormal and potentially manipulative trading activity in the Company’s common stock observed on November 3-4, 2025. The company said, “The Company provided both regulators with a comprehensive evidentiary package, including timestamped Level II data illustrating unusual quoting behavior, rapid order fluctuations, and apparent coordination across multiple trading venues. VisionWave also confirmed that it has identified three market makers that appeared to participate in the observed activity and has formally placed each on notice. One of the firms has already acknowledged receipt and confirmed it has initiated an internal investigation, to which VisionWave has provided the supporting evidence gathered. In addition, VisionWave has interviewed three national law firms specializing in market manipulation and securities litigation and expects to select counsel within days to commence a civil action seeking damages and injunctive relief on behalf of the Company and its shareholders…Based on its preliminary review, the Company also believes that it may have been the victim of illegal naked short selling in its stock. Naked short sales take time to verify, but preliminary financial indicators cause the Company to believe that abusive naked short selling may have occurred. Naked short selling is illegal and damages stockholder value in a company by artificially pushing its stock price down. The Company will not tolerate the manipulation of its stock. It has reported this activity to regulators and is prepared to take all measures necessary to bring actions against anyone that is engaging in illegal activity. While the Company ordinarily does not comment on market activity, in light of recent trading activity in its stock, the Company notes that it is not aware of any material undisclosed information or corporate development that would contribute to this week’s decline in stock price. VisionWave will continue cooperating with regulators, market participants, and counsel, and will provide additional updates as appropriate.”