Court consolidates market manipulation suits against CIBC, RBC over Quantum BioPharma stock
Grant & Eisenhofer named lead counsel in the newly merged class action, as Quantum BioPharma's own direct suit against the banks proceeds alongside it.
Quantum BioPharma Ltd. said on October 8, 2026 that the United States District Court for the Southern District of New York had agreed to merge its own direct legal action with a separate investor-led class action, both alleging stock market manipulation involving CIBC and RBC. The court consolidated the company's direct action and a class action led by an individual investor alleging market manipulation of Quantum BioPharma shares.1 The court also appointed Grant & Eisenhofer P.A. as lead counsel in the class action.1 The company noted that Grant & Eisenhofer has said it has recovered more than $30 billion for clients in complex cases against major opponents.1
The underlying claims differ somewhat in scope. Quantum BioPharma's own suit claimed that from January 1, 2020 through August 15, 2024, the defendants or their customers engaged in spoofing to manipulate the company's share price.1 The separate class action, filed December 11, 2025, covers shareholders who sold Quantum Biopharma shares, formerly known as FSD Pharma Inc., between January 6, 2021 and October 15, 2025, and alleges they were harmed.1
Quantum BioPharma cautioned that the ruling does not resolve the case. The company said the consolidation and lead counsel appointment are procedural steps and do not amount to a ruling on the merits or any finding of liability.1 It added there is no guarantee the litigation will lead to a favorable judgment, settlement, or any recovery at all.1
Separately, the filing described Quantum BioPharma's business. Through its wholly owned subsidiary Lucid Psycheceuticals Inc., the company is developing its lead compound Lucid-MS, a patented new chemical entity shown in preclinical models to prevent and reverse myelin degradation linked to multiple sclerosis.1 The company also retains 19.48% ownership of Unbuzzd Wellness Inc. as of June 30, 2026, along with royalty payments of 7% of Unbuzzd sales until cumulative payments reach $250 million, after which the royalty rate drops to 3% in perpetuity.1
Written by readthrough’s AI from the linked primary sources and fact-checked against them automatically before publishing. Not investment advice.