- Quantum BioPharma CEO Zeeshan Saeed urges SEC Chair Atkins to reverse the delay of the Short Disclosure Transparency Rule, citing alleged market manipulation.
- Saeed frames the plea as a broader rally for small-cap transparency, linking it to a $700M lawsuit and calls for industry-wide action.
In a bold move to address what he calls a critical issue plaguing small-cap companies, Zeeshan Saeed, CEO of Quantum BioPharma Ltd. (NASDAQ: QNTM), has penned a letter to SEC Chairman Paul Atkins, requesting a reversal of the decision to delay the Short Disclosure Transparency Rule.
The letter, dated December 5, 2025, and set to be sent via registered mail today, Monday, December 8, highlights the urgent need for greater market transparency amid allegations of manipulation affecting firms like Quantum BioPharma.
Saeed’s letter comes at a time when the biotech company, focused on innovative treatments for neurodegenerative diseases, is embroiled in a $700 million lawsuit against major Canadian banks, including CIBC World Markets and RBC Dominion Securities.
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The suit alleges widespread market manipulation through tactics like spoofing, which Saeed and his team believe have artificially suppressed QNTM’s stock price, costing investors and the company dearly.
A Call for Fairness in the Markets
In his letter, Saeed expresses deep concern over the SEC’s decision to push back the implementation of the Short Transparency Rule, originally slated for February 14, 2026.
“Transparency is a core element in creating a free and fair stock market. Your decision to delay a rule that would have gone a long way to improve transparency and protect small companies like Quantum BioPharma is a bit discomforting,” Saeed wrote.
He argues that the lack of transparency and alleged manipulation in small-cap companies is a significant deterrent for firms considering going public, noting:
“More and more companies choose to remain private until the pendulum swings back to the markets being a level playing field.”
The CEO points out a glaring inconsistency in current regulations: while holders of more than 5% of a company’s stock must publicly disclose their positions in a timely manner, short sellers face no similar obligation.
“Companies should have the right to know who is betting against their company over 5% of their float.
We are not alone in our concern over this recent extension as we are in constant communication with many CEOs of publicly traded companies who share the very same concern over the current state of affairs in our public markets,” Saeed added.
A Collective Push for Change
Saeed’s letter is more than a solitary plea—it’s a rallying cry for the broader business community.
In a post on X, he encouraged other publicly traded companies and investors who have faced market manipulation to follow suit by sending similar letters to the SEC.
“We encourage all other publicly traded companies and shareholders/investors who have been victims of market manipulation to do the same,” he wrote.
The response on social media has been swift and supportive.
For years, GameStop and AMC shareholders have urged their CEOs to fight Wall Street on this front.
In a bold move that’s stirring up Wall Street chatter, a nonprofit group representing everyday investors have also fired off a letter to President Donald J. Trump, the Attorney General, Congress, and Department of Justice officials.
Dated December 5, 2025, the missive from the Retail United Advocacy Group lays out a scathing critique of the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), accusing them of dropping the ball on protecting retail folks from predatory practices.
The Bigger Picture
Quantum BioPharma’s struggle is part of a larger narrative of market integrity that has gained traction in recent years.
The company’s legal battle, detailed in a three-part W5 investigative series aired by CTV News starting November 26, 2025, sheds light on alleged stock spoofing—a practice the company claims has hindered its research into Lucid-MS, a potential breakthrough treatment for multiple sclerosis.
Saeed emphasized this in a statement to W5: “Our goal has always been to bring Lucid-MS… for the benefit of millions of people around the world who courageously live with this progressive and debilitating disease.”
Critics, however, have questioned the company’s financial stability and the low short interest under 1% in QNTM, as noted in recent some discussions on X.
Yet, Saeed remains undeterred, closing his letter with a humble yet firm request: “We need more transparency not less. We humbly ask you to reconsider this decision.”
What’s Happens Now?
As the letter makes its way to SEC headquarters in Washington, D.C., all eyes are on Chairman Atkins and the regulatory body.
Will this grassroots effort from Saeed and potentially dozens of other CEOs spur action?
The outcome could reshape the landscape for small-cap companies and retail investors alike, determining whether the markets can truly become a level playing field.
For now, Saeed’s initiative has sparked a conversation that’s hard to ignore.
Investors and industry watchers are encouraged to stay tuned as this story develops, with Quantum BioPharma’s fight potentially setting a precedent for transparency in the financial world.
Also Read: Short Sellers Are Now Throwing One Another Under the Bus
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