Investors who bought Datavault AI (DVLT) securities between September 4, 2024 and October 30, 2025 may be covered by a proposed class action alleging Datavault AI overstated the value of its corporate partnerships and the trading on its data platform; a second suit extends the period to August 18, 2026. No class has been certified and there is nothing to file yet.
Allegations Only · No Settlement Yet
This article describes class action complaints. The statements below are unproven allegations. Datavault AI Inc. and its executives have not been found liable, there is no certified class, and nothing to claim at this time. This page is informational and is not legal advice.
What Is This About?
A Datavault AI investor filed a proposed securities class action against the company on August 5, 2026 in the U.S. District Court for the Eastern District of Pennsylvania. The case is Aramouni v. Datavault AI Inc., No. 2:26-cv-05548, before Judge Juan R. Sánchez. It covers everyone who bought or otherwise acquired Datavault AI securities between September 4, 2024 and October 30, 2025.A second suit, Zeng v. Datavault AI Inc., No. 2:26-cv-07424, was filed in the same court on September 25, 2026 against the same defendants. It proposes a longer class period, running through August 18, 2026, for buyers of Datavault AI common stock. The defendants in both cases are Datavault AI, chief executive Nathaniel T. Bradley, Brett Moyer, who was chief executive until December 31, 2024 and then chief financial officer, and former chief accounting officer Gary Williams.
On October 5, 2026, the deadline set by the notices, six investors or investor groups asked the court to appoint them lead plaintiff. The court has not ruled on those motions, no class has been certified, and there is no settlement, fund or claim form.
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Background
Datavault AI was formerly WiSA Technologies, which announced on September 4, 2024 that it would buy the intellectual property of Data Vault Holdings, including a platform for buying and selling data tokenized on a blockchain, for $210 million. The company took the Datavault AI name in February 2025 and trades on the Nasdaq Capital Market under the ticker DVLT.In 2025, Datavault AI announced a partnership with Burke Products in July, a “$150 million strategic investment” from Scilex Holding Company in September, and a technology license to Nature’s Miracle Holding with a $2 million fee in October.
What the Complaints Allege
The first complaint alleges that Datavault AI overstated the economic value of those partnerships and the volume of trading on its platform, which it says was minimal. It also alleges that the September 2024 announcement naming Bradley as chief executive did not mention past SEC charges against him from his time at another company, which the complaint says he settled, or the company’s ties to a co-inventor on Data Vault Holdings patents who had a prior conviction.According to the complaint, the information came out on October 31, 2025, when the short seller Wolfpack Research published a report on the company. It says the stock fell $0.49, or 19.44%, to close at $2.03 that day. The second complaint adds later stock declines in May and August 2026, including after the company reported second-quarter 2026 results. The claims in both cases are brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. None of the allegations has been tested in court.
What Happens Next
The court will decide whether to consolidate the two cases and which movant to appoint as lead plaintiff, usually the one claiming the largest losses who can adequately represent the class. Most of the motions ask for consolidation. The lead plaintiff typically files an amended complaint that sets the class period going forward, and the defendants then usually move to dismiss.Datavault AI’s quarterly report for the period ended June 30, 2026 says the company believes the claims are without merit and intends to vigorously defend against them. The first complaint was filed by Pomerantz LLP and Wohl & Fruchter, and the second by Berger Montague and Schall, Brown & Schwartz. Members of a proposed securities class generally remain in the class without taking any action. There is no money available unless the case produces a settlement or judgment, which would come with its own notice and claim process.
Questions
Who is covered by the Datavault AI securities class action?
The first complaint proposes a class of everyone who bought or otherwise acquired Datavault AI securities between September 4, 2024 and October 30, 2025. A second complaint filed September 25, 2026 proposes a longer period, through August 18, 2026, for buyers of Datavault AI common stock. The final class period will depend on the lead plaintiff’s complaint, and no class has been certified.
Has the Datavault AI lead plaintiff deadline passed?
Yes. The deadline to ask the court to be appointed lead plaintiff was October 5, 2026, and six investors or investor groups filed motions that day. The court has not yet ruled. The lead plaintiff deadline was never a claim deadline, and members of a proposed securities class generally remain in the class without seeking that role.
What did the Wolfpack Research report say about Datavault AI?
As described in the complaint, the October 31, 2025 short report alleged that Datavault AI’s announced partnerships could not deliver the economic benefits claimed, that its blockchain marketplace had virtually no trading activity, and raised questions about the company’s leadership and affiliations. Those are the short seller’s and plaintiffs’ allegations, not court findings.
Has Datavault AI responded to the lawsuit?
In its quarterly report for the period ended June 30, 2026, Datavault AI said it believes the claims asserted in the complaint are without merit and intends to vigorously defend against them. No court has found the company or its executives liable.
Sources
- Class action complaint — Aramouni v. Datavault AI Inc., No. 2:26-cv-05548 (E.D. Pa.), filed August 5, 2026
- Court docket — Zeng v. Datavault AI Inc., No. 2:26-cv-07424 (E.D. Pa.) (Justia)
- Lead plaintiff motion — one of the six motions filed October 5, 2026
- Filing firm’s notice — Pomerantz LLP, class period and the October 5, 2026 lead plaintiff deadline
- Datavault AI Form 10-Q for the quarter ended June 30, 2026 — legal proceedings disclosure (SEC EDGAR)
