09:05 AM EDT, 04/02/2026 (MT Newswires) -- Quantum BioPharma ( QNTM ) said Thursday the Southern District of New York has "largely" ruled against defendants CIBC World Markets (CM.TO) and RBC Dominion Securities (RY.TO) joint motion to dismiss the company's lawsuit alleging illegal market manipulation.

The lawsuit, which aims to recover US$700 million in damages, alleges that between Jan. 1, 2020, and Aug. 15, 2024, the defendants and/or their customers used "spoofing" techniques to manipulate the share price of Quantum BioPharma ( QNTM ) shares, thereby violating certain provisions in the Securities Exchange Act of 1934. The banks have denied the "spoofing" allegations.

Quantum shares were last seen up US$0.08, to US$4.49, in U.S. pre-market trading.