Quantum BioPharma Ltd. announced that CTV News' investigative program W5 has aired the second part of a three-part series examining the company's allegations of stock spoofing tied to its $700 million lawsuit against CIBC and RBC. The segment, reported by award-winning journalist Jon Woodward, highlights the company's claims of widespread market manipulation and its impact on Quantum BioPharma's efforts to advance Lucid-MS, a potential multiple-sclerosis treatment.
CEO Zeeshan Saeed and Co-Executive Chair Anthony Durkacz reiterated their concerns about the alleged activity, noting that Canadian exchange data cited in the lawsuit points to millions of purportedly illegal orders originating from bank platforms. The company maintains that this alleged market manipulation has significantly affected its ability to develop Lucid-MS, a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models.
Quantum BioPharma's lawsuit represents a significant challenge to major financial institutions, with the company alleging that the spoofing activities have undermined investor confidence and hampered its research and development efforts. The W5 investigation brings these allegations to a broader public audience, potentially increasing scrutiny of market practices in the biopharmaceutical sector.
The company's focus on neurodegenerative and metabolic disorders includes its lead compound Lucid-MS, which represents a potential breakthrough in multiple sclerosis treatment. Quantum BioPharma also maintains strategic investments through its wholly owned subsidiary FSD Strategic Investments Inc., which represents loans secured by residential or commercial property. The latest news and updates relating to QNTM are available in the company's newsroom at https://ibn.fm/QNTM.
This investigation comes at a critical time for Quantum BioPharma as it seeks to advance its pharmaceutical pipeline while navigating complex market conditions. The outcome of both the lawsuit and the public exposure through investigative journalism could have significant implications for how market manipulation allegations are addressed in the biotech sector, potentially affecting investor protection and corporate governance standards across the industry.
