The legal action, filed in the United States District Court for the Eastern District of Pennsylvania, targets the period between September 4, 2024, and October 30, 2025. Plaintiffs contend that Williams, who served as CAO until November 2024, held direct authority over SEC filings and market communications that allegedly misrepresented the company's financial health. The scrutiny intensified following an October 2025 short-seller report that questioned the legitimacy of the firm's blockchain data exchange and announced corporate partnerships.
In section Releases
Former Datavault AI Officer Named in Securities Class Action
Gary Williams, the former Chief Accounting Officer of Datavault AI Inc., now faces individual liability in a securities class action lawsuit. Investors allege that during his tenure, the company artificially inflated partnership values and trading activity, while insiders offloaded more than $73.8 million in stock before the company's valuation collapsed.
Following the report, Datavault AI shares plummeted 19.44%, or $0.49 per share, closing at $2.03. The complaint highlights that while retail investors bought into the company based on these public disclosures, insiders liquidated over 38 million shares. Levi & Korsinsky, LLP, which is representing the class, asserts that senior officers like Williams bear personal responsibility for the accuracy of certified financial disclosures. Investors who purchased DVLT securities during the specified window and incurred losses have until October 5, 2026, to apply for lead plaintiff status.
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