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Roaring Kitty hit with new lawsuit over alleged GameStop pump-and-dump scheme
The post Roaring Kitty hit with new lawsuit over alleged GameStop pump-and-dump scheme appeared on BitcoinEthereumNews.com. Key Takeaways Keith Gill is accused of manipulating GameStop’s stock through social media. The lawsuit claims Gill’s actions led to significant investor losses. ‘Roaring Kitty’ Keith Gill has faced a class-action lawsuit over his alleged involvement in a pump-and-dump scheme related to his social media posts about GameStop. The lawsuit, filed on June 28 in the Eastern District of New York, claims that Gill manipulated GameStop’s stock price through his influential online presence between May and June. The plaintiff accuses Gill of engaging in a pump-and-dump scheme by quietly purchasing a large volume of GameStop call options before his May 12 meme post, which marked his comeback after three years. The post was widely interpreted as his renewed interest in GameStop, causing the stock price to surge by over 74% the following day. Meanwhile, Solana-based memecoins also recorded a 500% surge shortly after Gill’s social return. On June 2, Gill returned with a Reddit post revealing his large stake in GameStop, including 5 million shares and 120,000 call options. According to the complaint, the post caused GameStop’s stock price to rally by over 70% in premarket trading the next day. The filing also cited a report from the Wall Street Journal that said Gill had bought a large volume of GameStop options shortly before his May post, raising concerns about potential stock manipulation. Gill disclosed that he had exercised all 120,000 call options and increased his GameStop stock holdings to over 9 million shares. This led to a 15.18% drop in GameStop’s stock price over the next three trading sessions. As a result of Gill’s actions, the plaintiff and other class members said they suffered major financial losses due to the steep decline in the market value of GameStop securities. They said that Gill’s manipulation of the market through his…
The post Roaring Kitty hit with new lawsuit over alleged GameStop pump-and-dump scheme appeared on BitcoinEthereumNews.com.
Key Takeaways Keith Gill is accused of manipulating GameStop’s stock through social media. The lawsuit claims Gill’s actions led to significant investor losses. ‘Roaring Kitty’ Keith Gill has faced a class-action lawsuit over his alleged involvement in a pump-and-dump scheme related to his social media posts about GameStop. The lawsuit, filed on June 28 in the Eastern District of New York, claims that Gill manipulated GameStop’s stock price through his influential online presence between May and June. The plaintiff accuses Gill of engaging in a pump-and-dump scheme by quietly purchasing a large volume of GameStop call options before his May 12 meme post, which marked his comeback after three years. The post was widely interpreted as his renewed interest in GameStop, causing the stock price to surge by over 74% the following day. Meanwhile, Solana-based memecoins also recorded a 500% surge shortly after Gill’s social return. On June 2, Gill returned with a Reddit post revealing his large stake in GameStop, including 5 million shares and 120,000 call options. According to the complaint, the post caused GameStop’s stock price to rally by over 70% in premarket trading the next day. The filing also cited a report from the Wall Street Journal that said Gill had bought a large volume of GameStop options shortly before his May post, raising concerns about potential stock manipulation. Gill disclosed that he had exercised all 120,000 call options and increased his GameStop stock holdings to over 9 million shares. This led to a 15.18% drop in GameStop’s stock price over the next three trading sessions. As a result of Gill’s actions, the plaintiff and other class members said they suffered major financial losses due to the steep decline in the market value of GameStop securities. They said that Gill’s manipulation of the market through his…
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