NEW YORK, Jan. 13, 2026 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned Dixit v Smart Digital Group Limited, et.al, Case 1:26-cv-00296, on behalf of persons and entities that purchased or otherwise acquired Smart Digital Group Limited (“SDM” or the “Company”) (NASDAQ: SDM) securities between May 5, 2025 and September 26, 2025, at 9:34 AM EST, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have until March 16, 2026 to move the Court to serve as lead plaintiff in this action.
You may obtain a copy of the complaint on our website.
Smart Digital Group Limited, based in Singapore, provides event planning and execution services, which consist of drafting and customizing event marketing strategies, and engaging event sponsors.
Throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and the true nature of the trading activity in the securities. Specifically, Defendants failed to disclose to investors that: (1) SDM was the subject of a market manipulation and fraudulent promotion scheme involving social-media based misinformation and impersonators posing as financial professionals; (2) insiders and/or affiliates used and/or intended to use offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) SDM’s public statements and risk disclosures omitted any mention of realized risk of fraudulent trading or market manipulation used to drive the Company’s stock price; (4) as a result, SDM securities were at unique risk of a sustained suspension in trading by either or both of the United States Securities and Exchange Commission (“SEC”) and NASDAQ; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.
On September 26, 2025, the Company’s stock price fell 86.4%, to close at $1.85 per share, following an intraday halt by the NASDAQ Stock Market (the “NASDAQ”) due to unusually high volatility.
Before trading opened the next day, the SEC suspended trading in SDM securities from September 29, 2025, through October, 10, 2025, due to “potential manipulation” in the Company’s securities “effectuated through recommendations made to investors by unknown persons via social media to purchase the securities of SDM, which appear to be designed to artificially inflate the price and volume of the securities of SDM.”
With the SEC suspension scheduled to expire, on October 11, 2025, NASDAQ suspended trading in SDM securities pending a request for additional information. The shares remain halted.
Why Wolf Haldenstein Adler Freeman & Herz LLP?
This illustrious firm, founded in 1888, is steadfast in their pursuit of justice for investors who have suffered financial harm due to these misrepresented statements. The law firm brings to the fore over 125 years of legal expertise in securities litigation and has a proven track record of protecting the rights of investors.
We encourage all investors who have been affected or have information that will assist in our investigation, to contact Wolf Haldenstein Adler Freeman & Herz LLP.
Contact:
- Phone: (800) 575-0735 or (212) 545-4774
- Email: classmember@whafh.com
- Contact Person: Gregory Stone, Director of Case and Financial Analysis
Firm Website: Wolf Haldenstein Adler Freeman & Herz LLP
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