Quantum Cyber N.V. (Nasdaq: QUCY) has filed a lawsuit in the Supreme Court of the State of New York, County of New York, against White Diamond Research LLC, Adam Gefvert, and Stocktwits, Inc., asserting claims of market manipulation, conspiracy to commit market manipulation under New York General Business Law Section 339, and defamation.

The complaint, according to a company press release, seeks damages exceeding $5.69 million, along with exemplary damages. The company is represented by Morrison Cohen LLP.

The complaint alleges that White Diamond published a report on or about June 29, 2026, containing false and misleading statements about Quantum Cyber and its chief executive officer. Quantum Cyber alleges that White Diamond publicly presents itself as an independent institutional-grade research firm while disclosing on a secondary webpage that it and related parties may hold short positions in the securities it covers.

The complaint further alleges that Stocktwits, which Quantum Cyber had retained to distribute its press releases, published and amplified the White Diamond report through its platform's "News" section to more than five million registered users without disclosing White Diamond's potential short position. The content was subsequently distributed to Apple Stocks and Yahoo Finance. The complaint alleges Stocktwits published the report with reckless disregard for its truth or falsity.

Quantum Cyber alleges that QUCY shares declined approximately 13.7% between June 26 and June 30, 2026, and that the decline in share price between June 29 and June 30 corresponded to a loss of more than $5.69 million in market capitalization.

Chief Executive Officer David Lazar stated: "Our shareholders were misled, and we intend to hold every defendant accountable in a court of law."

The defendants have not yet responded to the complaint.