Core Viewpoint - A class action lawsuit has been filed against Smart Digital Group Limited (SDM) for alleged securities fraud during the class period from May 5, 2025, to September 26, 2025, with investors having until March 16, 2026, to file a lead plaintiff motion [1] Group 1: Trading Activity and SEC Involvement - On September 26, 2025, NASDAQ temporarily halted trading of SDM stock due to volatility, with over 270,000 orders placed in a single minute, representing approximately 30% of the average daily volume [3] - Following this, the SEC announced a temporary suspension of trading in SDM from September 29, 2025, to October 25, 2025, due to potential manipulation through social media recommendations aimed at inflating the stock price [4] - Trading in SDM remains suspended as of October 11, 2025, pending additional information from the company [4] Group 2: Allegations in the Lawsuit - The lawsuit alleges that SDM's management made materially false and misleading statements and failed to disclose adverse facts about the company's operations and prospects [5] - Specific allegations include involvement in a market manipulation scheme, use of offshore accounts for share dumping, and omission of risks related to fraudulent trading [5] - The lawsuit claims that SDM's positive statements about its business lacked a reasonable basis and misled investors regarding the company's true situation [5]
Law Offices of Frank R. Cruz Encourages Smart Digital Group Limited (SDM) Shareholders To Inquire About Securities Fraud Class Action