Core Viewpoint - The complaint against Smart Digital Media (SDM) alleges violations of federal securities laws, including false statements and failure to disclose significant risks related to market manipulation and fraudulent activities [2] Group 1: Allegations of Misconduct - SDM was allegedly involved in a market manipulation scheme that included misinformation on social media and impersonation of financial professionals [2] - Insiders and affiliates reportedly used offshore or nominee accounts to facilitate the dumping of shares during a price inflation campaign [2] - The company's public statements and risk disclosures failed to mention the risks of fraudulent trading or market manipulation that could affect stock prices [2] Group 2: Potential Consequences - Due to the alleged misconduct, SDM securities faced a unique risk of suspension in trading by the SEC and NASDAQ [2] - The positive statements made by the defendants regarding the company's business and prospects were claimed to be materially misleading and lacked a reasonable basis [2] Group 3: Legal Proceedings - The lead plaintiff in the class action is the investor with the largest financial interest in the relief sought, who will oversee the litigation on behalf of the class [3] - Any member of the class can move to serve as lead plaintiff or choose to remain an absent class member without affecting their ability to share in any recovery [3]
SDM Investor Alert: Faruqi & Faruqi, LLP Reminds Smart Digital Investors of the Securities Class Action Lawsuit Deadline on March 16, 2026