Core Viewpoint - A class action has been filed against Smart Digital Group Limited (NASDAQ: SDM) on behalf of investors who acquired its securities between May 5, 2025, and September 26, 2025, due to allegations of market manipulation and fraudulent promotion schemes [1][2]. Allegations - The complaint alleges that insiders facilitated a market manipulation scheme involving misinformation on social media and impersonators posing as financial professionals [2]. - It is claimed that insiders used offshore or nominee accounts to coordinate the dumping of shares during a price inflation campaign [2]. - SDM's public statements and risk disclosures reportedly omitted any mention of the risks associated with fraudulent trading or market manipulation that could affect the company's stock price [2]. - As a result of these actions, SDM securities faced a unique risk of suspension in trading by the SEC and NASDAQ [2]. Stock Price Collapse - On September 26, 2025, SDM's stock price fell by 86.4%, closing at $1.85 per share, following a trading halt by NASDAQ due to volatility [3]. - The SEC suspended trading in SDM securities from September 29, 2025, to October 10, 2025, citing potential manipulation through social media recommendations designed to artificially inflate the stock price [3]. - NASDAQ also suspended trading in SDM securities on October 11, 2025, pending further information [3]. Class Action Participation - Shareholders may be eligible to participate in the class action against Smart Digital Group Limited, with a deadline to submit papers to serve as lead plaintiff by March 16, 2026 [4]. - Shareholders do not need to participate in the case to be eligible for recovery and can remain absent class members if they choose [4].
SDM Stockholder Alert: Shareholder Rights Law Firm Robbins LLP Reminds Investors of the Smart Digital Group Limited Securities Class Action