GME’s Roaring Kitty Accused of Pump-and-Dump lawsuit.

T

TrailerParkTed

“Roaring Kitty' Keith Patrick Gill Accused Of Gamestop Pump-And-Dump Scheme In Class Action Lawsuit: 'Suffered Significant Losses And Damages'
by Benzinga Neuro, Benzinga Staff Writer
June 30, 2024 10:12 PM | 2 min read |
Keith Patrick Gill, popularly known as “Roaring Kitty” on social media, is facing a new class action lawsuit over allegations of a pump-and-dump scheme involving GameStop Corp.

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What Happened: A court document filed on June 28, in the Eastern District of New York, reveals that plaintiff Martin Radev accuses Gill of manipulating GameStop’s stock price through his social media influence. Known for his significant role in the “meme stock” movement, Gill is a former financial analyst.

The lawsuit alleges that Gill discreetly bought a large number of GameStop call options before making a social media post on May 12, 2024, which sparked renewed interest in the company’s stock. The stock price soared over 74% the following day. Gill is then alleged to have disclosed his large stake in the company on June 2, leading to another surge in the stock price.

On June 3, The Wall Street Journal reported that Gill had bought a large volume of GameStop options just before his May 12 post. This news led to a 5.36% drop in GameStop’s stock price, according to the filing.

Benzinga
 
TrailerParkTed said:
“Roaring Kitty' Keith Patrick Gill Accused Of Gamestop Pump-And-Dump Scheme In Class Action Lawsuit: 'Suffered Significant Losses And Damages'
by Benzinga Neuro, Benzinga Staff Writer
June 30, 2024 10:12 PM | 2 min read |
Keith Patrick Gill, popularly known as “Roaring Kitty” on social media, is facing a new class action lawsuit over allegations of a pump-and-dump scheme involving GameStop Corp.

GME-6.44%
Get Free Report
securities.


What Happened: A court document filed on June 28, in the Eastern District of New York, reveals that plaintiff Martin Radev accuses Gill of manipulating GameStop’s stock price through his social media influence. Known for his significant role in the “meme stock” movement, Gill is a former financial analyst.

The lawsuit alleges that Gill discreetly bought a large number of GameStop call options before making a social media post on May 12, 2024, which sparked renewed interest in the company’s stock. The stock price soared over 74% the following day. Gill is then alleged to have disclosed his large stake in the company on June 2, leading to another surge in the stock price.

On June 3, The Wall Street Journal reported that Gill had bought a large volume of GameStop options just before his May 12 post. This news led to a 5.36% drop in GameStop’s stock price, according to the filing.

Benzinga
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Those gullible foolish investors should be ashamed of themselves.

Investors hate manipulators.
Investors can only press BUY first.
They can't or are unable to press SELL first.
And when the price is going down, they refuse to cut loss but they HODL.


Traders love manipulators for they create trading opportunities.
UP - they press BUY first.
DOWN - they press SELL first.


Who knows, @roaringkitty will counter-sue those gullible foolish investors as

- They can't or are unable to press SELL first.
- When the price is going down, they refuse to cut loss but they HODL.
- for listening to social media with blind faith, and for not doing their homework
 
"Why it is important: Roaring Kitty’s influence among Redditors, particularly r/WallStreetBets users, is considerable. Interestingly, the recent lawsuit was peppered with memes Gill posted on social media. The filing noted that a May 12 post received nearly 28.5 million views, 12,000 comments, and 135,000 reaction"
It sounds like redditor is a buy.
 
TrailerParkTed said:
“Roaring Kitty' Keith Patrick Gill Accused Of Gamestop Pump-And-Dump Scheme In Class Action Lawsuit: 'Suffered Significant Losses And Damages'
by Benzinga Neuro, Benzinga Staff Writer
June 30, 2024 10:12 PM | 2 min read |
Keith Patrick Gill, popularly known as “Roaring Kitty” on social media, is facing a new class action lawsuit over allegations of a pump-and-dump scheme involving GameStop Corp.

GME-6.44%
Get Free Report
securities.


What Happened: A court document filed on June 28, in the Eastern District of New York, reveals that plaintiff Martin Radev accuses Gill of manipulating GameStop’s stock price through his social media influence. Known for his significant role in the “meme stock” movement, Gill is a former financial analyst.

The lawsuit alleges that Gill discreetly bought a large number of GameStop call options before making a social media post on May 12, 2024, which sparked renewed interest in the company’s stock. The stock price soared over 74% the following day. Gill is then alleged to have disclosed his large stake in the company on June 2, leading to another surge in the stock price.

On June 3, The Wall Street Journal reported that Gill had bought a large volume of GameStop options just before his May 12 post. This news led to a 5.36% drop in GameStop’s stock price, according to the filing.

Benzinga
More...

In case they haven't noticed, the "pump and dump" scheme involves a "dump" part. WHERE is the "dump"??!! Did Roaring Kitty actually offload the GME stock thus making profit from the people who bought late? If not then this is an automatic dismissal of the lawsuit.
 
"The plaintiff allegedly was injured by this “pump and dump,” purchasing 10 shares on May 13, 2024 (shortly after the May 12th tweet), and additional shares on June 4, 7 and 11 (a total of 25 shares). The plaintiff also purchased three options, two on May 13, 2024 (one sold on May 17) and one more on June 3, 2024."
 
newwurldmn said:
It’s not manipulation if he just states his position.
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