Core Viewpoint - The article discusses a class action lawsuit against Smart Digital Group Limited (SDM) due to allegations of market manipulation and misleading statements made by the company's executives during a specific class period from May 5, 2025, to September 26, 2025 [1][4]. Group 1: Trading Activity and SEC Involvement - On September 26, 2025, NASDAQ halted trading of SDM stock after a significant spike in trading activity, with over 270,000 orders in just one minute, representing approximately 30% of the average daily volume [2]. - Following the trading halt, SDM's stock price dropped to $1.85 per share, an 88% decrease from the previous day's closing price [2]. - The SEC announced a temporary suspension of trading in SDM from September 29, 2025, to October 25, 2025, due to potential manipulation linked to social media recommendations aimed at inflating the stock price [3]. Group 2: Allegations in the Lawsuit - The lawsuit claims that SDM's executives made materially false and misleading statements and failed to disclose significant adverse facts about the company's operations and prospects [4]. - Specific allegations include the existence of a market manipulation scheme involving social media misinformation, insider trading through offshore accounts, and a lack of disclosure regarding the risks of fraudulent trading [4]. - The lawsuit asserts that these misleading statements created a false impression of the company's stability and growth potential, ultimately leading to a suspension of trading by the SEC and NASDAQ [4].
Deadline Alert: Smart Digital Group Limited (SDM) Shareholders Who Lost Money Urged To Contact Glancy Prongay & Murray LLP About Securities Fraud Lawsuit