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JunkSavvy

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🚨🚨META MATERIALS BK TRUSTEE FILES CLASS ACTIONS LAWSUIT AGAINST CITADEL, VIRTU AND ANSON FUNDS ALLEGING MARKET MANIPULATION, SPOOFING, NAKED SHORTING🚨🚨 GROK BREAKDOWN... Class Action Complaint (Doc. 2931) in In re Meta Materials Inc., Case No. 24-50792-gs (Bankr. D. Nev.), filed August 7, 2026. @Metamaterialtec This is a securities class-action complaint brought by Christina W. Lovato (Chapter 7 Trustee of the bankruptcy estate of Meta Materials Inc.), Meta Materials Inc. itself, and Doug Collins (individually and on behalf of a proposed class). It is filed as an adversary proceeding in the company’s Chapter 7 bankruptcy case in the U.S. Bankruptcy Court for the District of Nevada. A jury trial is demanded. 💥CORE ALLEGATIONS💥 Plaintiffs allege that Defendants engaged in a multi-year scheme of manipulative and illegal trading in Meta Materials (a nanomaterial/nanotechnology company) securities during the Class Period of June 28, 2021, through August 20, 2024. The scheme artificially depressed the stock price, widened the bid-ask spread, increased volatility and transaction costs, and caused investors (and the company/estate) to sell shares at depressed prices or suffer other losses. 💥PRIMARY PRACTICES ALLEGED💥 Spoofing: Submitting large “baiting” (non-bona fide) sell-side or dual-sided orders and quickly canceling them (often within seconds) to create a false impression of excess supply and/or excessive volatility, inducing other market participants to sell at lower prices. Specific timed examples are provided for Citadel (e.g., June 29, 2021; Sept. 1, 2021; Jan. 4, 2022; June 1 & 24, 2022) and Virtu (e.g., Jan. 21, March 1–2, May 17, 2022). Naked short selling / failures to deliver (violations of Regulation SHO), which further artificially increased apparent supply. For the Anson Fund Defendants: manipulative short-selling around the company’s securities offerings (“shorting and distorting”), plus related conduct. Broker-Dealer Defendants (as market makers/gatekeepers) allegedly had duties under federal securities rules to monitor order flow and refrain from facilitating illegal trades, yet submitted massive volumes of spoofing orders that distorted supply/demand perceptions and destroyed investor value. Regulators had previously sanctioned the Defendants for related market-manipulation or short-selling violations (e.g., SEC fines against Citadel totaling tens of millions; Anson settlement in 2024 involving undisclosed coordination with activist short publishers). 💥DEFENDANTS💥 Broker-Dealer Defendants: Citadel Securities LLC and Virtu Americas LLC. Anson Fund Defendants: Anson Funds Management LP and Anson Advisors, Inc. 💥CAUSES OF ACTION💥 Count I: Violation of Section 10(b) of the Exchange Act and Rule 10b-5 (against all Defendants). Count II: Violations of Sections 9(a)(2) and 9(e) of the Exchange Act (market manipulation; against Defendants). Count III: Section 10(b)/Rule 10b-5 under the misappropriation theory (against Anson Fund Defendants). Count IV: Violations of Section 20A of the Exchange Act (against Anson Fund Defendants).courtlistener.com 💥RELIEF SOUGHT💥 Class certification; compensatory damages (joint and several) in an amount to be proven at trial (plus interest); costs, reasonable attorneys’ fees, and expert fees; and other just and proper relief. The complaint relies on trading-data analyses, public information, prior regulatory findings, and economic studies on the market-quality harms of spoofing (increased volatility, wider spreads, slower price discovery, lower returns). Plaintiffs assert a presumption of reliance and plead loss causation. Further discovery is expected to yield additional support. 💥COMPLAINT: https://t.co/cAhfgUDJCz 💥AMENDMENT 1: https://t.co/dyURRpHoKX 💥AMENDMENT 2: https://t.co/h2e9jSgS57 MMTLP MMAT TRCH NBH

JunkSavvy's tweet photo. 🚨🚨META MATERIALS BK TRUSTEE FILES CLASS ACTIONS LAWSUIT AGAINST CITADEL, VIRTU AND ANSON FUNDS ALLEGING MARKET MANIPULATION, SPOOFING, NAKED SHORTING🚨🚨

GROK BREAKDOWN...
Class Action Complaint (Doc. 2931) in In re Meta Materials Inc., Case No. 24-50792-gs (Bankr. D. Nev.), filed August 7, 2026. @Metamaterialtec

This is a securities class-action complaint brought by Christina W. Lovato (Chapter 7 Trustee of the bankruptcy estate of Meta Materials Inc.), Meta Materials Inc. itself, and Doug Collins (individually and on behalf of a proposed class). It is filed as an adversary proceeding in the company’s Chapter 7 bankruptcy case in the U.S. Bankruptcy Court for the District of Nevada. A jury trial is demanded.

💥CORE ALLEGATIONS💥
Plaintiffs allege that Defendants engaged in a multi-year scheme of manipulative and illegal trading in Meta Materials (a nanomaterial/nanotechnology company) securities during the Class Period of June 28, 2021, through August 20, 2024. The scheme artificially depressed the stock price, widened the bid-ask spread, increased volatility and transaction costs, and caused investors (and the company/estate) to sell shares at depressed prices or suffer other losses.

💥PRIMARY PRACTICES ALLEGED💥
Spoofing: Submitting large “baiting” (non-bona fide) sell-side or dual-sided orders and quickly canceling them (often within seconds) to create a false impression of excess supply and/or excessive volatility, inducing other market participants to sell at lower prices. Specific timed examples are provided for Citadel (e.g., June 29, 2021; Sept. 1, 2021; Jan. 4, 2022; June 1 & 24, 2022) and Virtu (e.g., Jan. 21, March 1–2, May 17, 2022).

Naked short selling / failures to deliver (violations of Regulation SHO), which further artificially increased apparent supply.

For the Anson Fund Defendants: manipulative short-selling around the company’s securities offerings (“shorting and distorting”), plus related conduct.

Broker-Dealer Defendants (as market makers/gatekeepers) allegedly had duties under federal securities rules to monitor order flow and refrain from facilitating illegal trades, yet submitted massive volumes of spoofing orders that distorted supply/demand perceptions and destroyed investor value. Regulators had previously sanctioned the Defendants for related market-manipulation or short-selling violations (e.g., SEC fines against Citadel totaling tens of millions; Anson settlement in 2024 involving undisclosed coordination with activist short publishers).

💥DEFENDANTS💥
Broker-Dealer Defendants: Citadel Securities LLC and Virtu Americas LLC.

Anson Fund Defendants: Anson Funds Management LP and Anson Advisors, Inc.

💥CAUSES OF ACTION💥
Count I: Violation of Section 10(b) of the Exchange Act and Rule 10b-5 (against all Defendants).
Count II: Violations of Sections 9(a)(2) and 9(e) of the Exchange Act (market manipulation; against Defendants).
Count III: Section 10(b)/Rule 10b-5 under the misappropriation theory (against Anson Fund Defendants).

Count IV: Violations of Section 20A of the Exchange Act (against Anson Fund Defendants).courtlistener.com

💥RELIEF SOUGHT💥
Class certification; compensatory damages (joint and several) in an amount to be proven at trial (plus interest); costs, reasonable attorneys’ fees, and expert fees; and other just and proper relief.

The complaint relies on trading-data analyses, public information, prior regulatory findings, and economic studies on the market-quality harms of spoofing (increased volatility, wider spreads, slower price discovery, lower returns). Plaintiffs assert a presumption of reliance and plead loss causation. Further discovery is expected to yield additional support.

💥COMPLAINT: https://t.co/cAhfgUDJCz
💥AMENDMENT 1: https://t.co/dyURRpHoKX
💥AMENDMENT 2: https://t.co/h2e9jSgS57

MMTLP MMAT TRCH NBH

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