Levi & Korsinsky LLP has filed a securities class action against Datavault AI Inc. (NASDAQ: DVLT) on behalf of shareholders who purchased securities between September 4, 2024 and October 30, 2025. The lawsuit alleges the company overstated the value of corporate partnerships and misrepresented trading activity on its platform. Investors have until October 5, 2026 to apply as lead plaintiff.
Datavault AI Inc. faces a securities class action alleging overstated partnership value and platform trading claims, with an October 5 lead plaintiff deadline.
The lawsuit, filed in the US District Court for the Eastern District of Pennsylvania under docket 2:26-cv-05548, claims the company made materially false statements about partnerships with Burke Products, Scilex Holding, and Nature's Miracle between September 4, 2024 and October 30, 2025, according to the complaint filed by Pomerantz LLP.
The complaint alleges Datavault overstated a purported $150 million strategic investment from Scilex and a $2 million license fee from Nature's Miracle, even as those counterparties held cash positions of only $4.1 million and $9,511. It also claims trading volume on the Datavault platform was minimal despite claims of commercial adoption.
Shares fell $0.49, or 19.44 percent, to close at $2.03 on October 31, 2025, after Wolfpack Research published a short report calling the company a "stock promotion." The report alleged Datavault relied on misleading press releases and "empty claims" about artificial intelligence, quantum computing, and data monetization, and that Burke's contracts concerned "run-of-the-mill equipment such as hoses, piping, fuses, and electrical connectors."
The company, formerly known as WiSA Technologies, acquired Data Vault Holdings' intellectual property for $210 million in September 2024 and rebranded as Datavault AI in February 2025. The complaint also alleges the company failed to disclose that CEO Nathaniel Bradley had previously faced SEC charges for false statements, settling for a $40,000 fine and a three-year ban from penny stock offerings, and that patent inventor Edward Withrow III had a prior felony conviction for false statements in connection with a pump-and-dump scheme.
Multiple law firms, including Rosen Law Firm, Robbins LLP, and Kaplan Fox & Kilsheimer, have issued investor alerts regarding the class action. The case is one of several securities actions pending against the company as it prepares to launch new platforms including Information Data Exchange, NIL Vault, and APEX on September 15.
The company reported a net loss of $88 million in Q2 fiscal 2026, with EPS widening to a loss of $0.12 versus the $0.03 consensus estimate. Revenue rose 287 percent year-over-year to $6.8 million but fell short of the $30 million analyst estimate.
The class action could result in significant legal costs and potential financial penalties for Datavault AI. Investors who purchased DVLT securities during the class period must act by October 5, 2026 to serve as lead plaintiff, though participation in any recovery does not require serving in that role.
This article is for informational purposes only and does not constitute investment advice.
