A tiny Canadian biotech company bought 2,000 shares of GameStop as part of its “commitment to combating market corruption”

Toronto-based Quantum BioPharma announced that it purchased 2,000 shares (or about $48,000 at current prices) of GameStop as part of its “ongoing commitment to combating market corruption and enhancing shareholder value through prudent financial strategies and advocacy against manipulative trading practices.” It says it will hold the shares as a strategic investment.

“The Quantum team and I see the extreme value in GameStop going forward and the deep value the company has with 90% cash and marketable securities on their balance sheet,” board adviser Kevin Malone said. Quantum BioPharma also announced that it completed a debt settlement to raise $40,000.

Charitably, market manipulation and corruption are bad. People who advocate against those should be lauded.

Less charitably, the company said that it’s currently pursuing legal action against CIBC World Markets, RBC Dominion Securities, and others on allegations of stock price manipulation.

This stock purchase might get a crowd of traders who may otherwise have never known about or looked at the $70 million market cap firm to consider its prospects in light of the potential parallels of alleged malfeasance, which also occurred amid GameStop’s 2021 boom.

But if there’s any positive impact, it’s one that has yet to be seen in the stock price today: shares are down 6% as of 10:17 a.m. ET.