On Thursday, September 17, 2026, Jordan Wilson filed a Shareholder Derivative Complaint in the US District Court for the Eastern District of Pennsylvania against eleven current and former officers and directors of Datavault AI Inc., accusing them of breaching their fiduciary duties in connection with the company’s blockchain and NFT-based data monetization business.
The complaint, filed on behalf of the Nasdaq-listed company (ticker: DVLT), names Board Chairman Brett Moyer, CEO Nathaniel Bradley, and directors Kimberly Briskey, Jeffrey Gilbert, David Howitt, Helge Kristensen, Sriram Peruvemba, Robert Tobias and Wendy Wilson, along with former Chief Accounting Officer Gary Williams and current Chief Accounting Officer Stanley Mbugua, as defendants.
Datavault, formerly known as WiSA Technologies, rebranded in February 2025 after completing a $210 million acquisition of the assets of Data Vault Holdings Inc. from EOS Technologies, a company owned by Bradley. The company has described itself as a technology licensing firm built around “Web 3.0” data monetization, including tokenization of data assets, digital twins, and blockchain-based data ownership through its “Datavault” platform and an “Information Data Exchange.”
According to the complaint, the company’s stock rose roughly 800% between early September and late October 2025 amid a series of press releases touting corporate partnerships with defense contractor Burke Products, pharmaceutical firm Scilex Holding Company, and Nature’s Miracle Holding, each promoted as generating significant future revenue.
The suit centers on an October 31, 2025 report by short-seller Wolfgang Research, which alleged that Datavault’s blockchain platform consisted largely of non-fungible tokens with little to no trading activity, and that the company’s newly announced “Center for AI and Quantum Computing Excellence” in Sandy Springs, Georgia, was in reality a roughly 2,800-square-foot office rather than the 22,000-square-foot facility described in company statements.
The report also alleged that CEO Bradley had previously settled SEC charges in 2021 related to misleading COVID-19 statements at another company, and that a co-inventor on Datavault patents had a prior felony conviction tied to a pump-and-dump scheme.
Following publication of the report, Datavault’s stock price fell nearly 20%, dropping $0.49 per share on October 31, 2025.
The complaint alleges that the company’s public statements between September 2024 and the present overstated the value of its acquisitions and partnerships, exaggerated trading volume on its data exchange, concealed affiliations with individuals with histories of securities-related misconduct, and misrepresented the alignment of executive compensation with shareholder interests.
The lawsuit also highlights stock sales by three executives during the period in question. According to the complaint, Bradley, Moyer, and Mbugua collectively sold more than 36 million shares for proceeds of nearly $74 million, with the bulk of that total—$73.8 million—coming from a single sale by Bradley on December 31, 2024.
The complaint asserts claims for breach of fiduciary duty and unjust enrichment, and seeks damages on behalf of Datavault, disgorgement of profits obtained by the named defendants, corporate governance reforms, and attorneys’ fees. Plaintiff’s counsel has demanded a jury trial.
Please contact BlockTribune for access to a copy of this filing.
Be the first to comment