https://lnkd.in/ex2e57MW "Investors in GameStop (GME.N), opens new tab have for now withdrawn their lawsuit accusing Keith Gill, who is known as "Roaring Kitty" and helped spur the meme stock mania of 2021, of defrauding them through a "pump-and-dump" scheme for the videogame retailer." I'm happy the that the "investors" have withdrawn their lawsuit, because their argument is nonsense. How exactly were these supposed adults defrauded? Because he showed him that he took on a huge position? Roaring Kitty did exactly the many hedge-funds and institutional investors do all the time on corporate media. #stocktrading #stockmarket #insidertrading
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Manipulators of GameStop shares sue 'Roaring Kitty' for manipulating GameStop but withdraw lawsuit for now - NEW YORK, July 1 (Reuters) - Investors in GameStop (GME.N) , opens new tab have for now withdrawn their lawsuit accusing Keith Gill, who is known as "Roaring Kitty" and helped spur the meme stock mania of 2021, of defrauding them through a "pump-and-dump" scheme for the videogame retailer. A proposed class action accusing Gill of securities fraud was filed on Friday in the Brooklyn, New York, federal court, but voluntarily withdrawn on Monday without explanation. The lawsuit can be refiled , opens new tab, according to the filing. Lawyers at the Pomerantz law firm, which represents the investors, did not immediately respond to requests for comment. Investors led by Martin Radev, who lives in the Las Vegas area, said Gill manipulated GameStop securities between May 13 and June 13 by quietly accumulating large quantities of stock and call options, then dumping some holdings after emerging from a three-year social media hiatus. They said Gill's activities caused GameStop's share price to gyrate wildly, generating "millions of dollars" in profit for him at their expense. "Defendant still enjoys celebrity status and commands a following of millions through his social media accounts," the complaint said. "Accordingly, Defendant was well aware of his ability to manipulate the market for GameStop securities, as well as the benefits he could reap." Gill did not immediately respond to requests for comment on Monday. On May 12, he posted a cryptic meme on the social media platform X that was widely seen as a bullish signal for GameStop, whose stock he cheerleaded in 2021. GameStop's share price more than tripled over the next two days, then gave back nearly all the gains by May 24. On June 2, Gill revealed that he owned 5 million GameStop shares and 120,000 call options, and on June 13 revealed he had shed the call options but owned 9 million GameStop shares. Investors said the truth about Gill's investing became known on June 3 when the Wall Street Journal wrote about the timing of his options trades and said the online brokerage E*Trade (MS.N) , opens new tab considered kicking him off its platform. The meme stock mania was fueled in part by investors stuck at home during the pandemic, and led to a "short squeeze" that caused losses for hedge funds betting stock prices would fall. On Monday, trading in Chewy (CHWY.N) , opens new tab shares became volatile after Gill revealed a 6.6% stake in the pet products retailer. Source: 'Roaring Kitty' lawsuit over GameStop is withdrawn for now
Manipulators of GameStop shares sue 'Roaring Kitty' for manipulating GameStop but withdraw lawsuit for now
https://www.linkielist.com
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Chickens coming home to roost for the GameStonk meme creator as other investors sue him for stock manipulation after he disclosed publicly that he holds stock in GameStop. It's both that he has stock, and also that the stock has crashed (down to $23 from a high of $49). It not quite yet back at its start of 2024 low ($11), but it's heading there. Never underestimate bitter retail investors. And the SEC is probably nosing around this also. ----- Reuters: "'Roaring Kitty' is sued for alleged GameStop manipulation" (Jonathan Stempel) (July 1, 2024) - Keith Gill, the investor known as "Roaring Kitty" who helped spur the meme stock mania of 2021, was sued by GameStop (GME.N), opens new tab investors who said they lost money through his "pump-and-dump" scheme for the videogame retailer. A proposed class action accusing Gill of securities fraud was filed on Friday in the Brooklyn, New York federal court. Investors led by Martin Radev, who lives in the Las Vegas area, said Gill manipulated GameStop securities between May 13 and June 13 by quietly accumulating large quantities of stock and call options, and then dumping some holdings after emerging from a three-year social media hiatus. They said Gill's activities caused GameStop's share price to gyrate wildly, generating "millions of dollars" in profit for him at their expense. "Defendant still enjoys celebrity status and commands a following of millions through his social media accounts," the complaint said. "Accordingly, Defendant was well aware of his ability to manipulate the market for GameStop securities, as well as the benefits he could reap." Gill did not immediately respond to requests for comment on Monday. He had on May 12 posted a cryptic meme on the social media platform X that was widely seen as a bullish signal for GameStop, whose stock he cheerleaded in 2021. GameStop's share price more than tripled over the next two days, but gave back nearly all the gains by May 24. On June 2, Gill revealed that he owned 5 million GameStop shares and 120,000 call options, and on June 13 revealed he had shed the call options but owned 9 million GameStop shares. Investors said the truth about Gill's investing became known on June 3 when the Wall Street Journal wrote about the timing of his options trades and said the online brokerage E*Trade considered kicking him off its platform. The meme stock mania was fueled in part by investors stuck at home during the pandemic, and led to a "short squeeze" that caused losses for hedge funds betting stock prices would fall." Reuters: https://lnkd.in/gF8U5BDK #gamestop #gamestonk
'Roaring Kitty' is sued for alleged GameStop manipulation
reuters.com
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Writing code at night while listening to Ibiza Cafe Del Mar Radio, Italo Disco or SmoothJazz.com // #LoveIslandUK #wallstreetbets
The capital markets are just the somewhat-neutral gameboard; the players were retail traders versus the hedge funds. Melvin Capital went out of business largely due to their short position on GameStop and "Roaring Kitten" Keith Gill got interviewed/interrogated by Congress. I think the retail traders won that fight and the financial system got a reminder that a bunch of little players grouping together can have significant impact. https://lnkd.in/g5rxF23a #wallstreet #daytrader #daytrading #daytrade #stockoptions #stock #stockmarket #wallstreetbets
Breakingviews - GameStop saga ends. Winner: capital markets
reuters.com
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The second iteration of GameStop mania ended as abruptly as it arrived, leaving retail investors on the hook with exceptional losses and erasing any hopes of repeating 2021's "moonshot." Last week's well-publicized return of Keith Gill, a.k.a. Roaring Kitty, coincided with shares of #GameStop (GME) rising 179% from market close Friday, May 10, to market open Tuesday, May 14. However, the rally was short-lived. By market close at the end of the week, GameStop investors had lost $13.1 billion, according to an Investor's Business Daily analysis. As of Monday morning, the stock had plummeted 70% from its recent high, underscoring the dangers of investing in GameStop or other meme stocks, which are widely regarded as fundamentally flawed companies. Jordan Chussler reports on the #memestock madness 👉 https://bit.ly/4bGPqpQ
Meme Stock Flop: GameStop Investors Lost Over $13 Billion Last Week
money.com
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GameStop shares soar 110% and are halted as trader ‘Roaring Kitty’ who drove meme craze resurfaces "Check out the attached Pic. Can you believe, this pic drove the share value up 110%". There's common sense. :) GameStop shares rallied more than 110% on Monday after “Roaring Kitty,” the man who inspired the epic short squeeze of 2021, posted online for the first time in roughly three years. The post, a picture on X of a video gamer leaning forward on their chair as if to indicate he’s taking the game seriously, marked Roaring Kitty’s first post on the platform — or on Reddit— since 2021. The post has garnered 63,000 likes in 13 hours. Trading in GameStop was halted multiple times due to volatility in morning trading. AMC, another meme stock, jumped 22% Monday, while Reddit traded 11% higher. Roaring Kitty, whose legal name is Keith Gill, is a former marketer for Massachusetts Mutual Life Insurance. Also known as DeepF------Value on Reddit, Gill drew an army of day traders who cheered each other on and piled into the brick-and-mortar video game stock, and GameStop call options, between 2020 and 2021. The “meme stock” frenzy involved individual investors taking aim at short sellers and hedge funds who were pessimistic about the outlook for GameStop and other companies, forcing them to cover their short positions and drive up the price of the target stocks. Currently, the short position in GameStop shares amounts to more than 24% of all its shares that are freely available to trade, also known as the float. The poster child was hedge fund Melvin Capital, which was heavily shorting GameStop and became a target of the army of amateur traders, suffering huge losses that prompted Ken Griffin’s Citadel, as well as Point72, to backstop Melvin’s finances with close to $3 billion in support. The GameStop mania that drove its stock above $120 a share, split-adjusted, in early 2021 from as little as $3 in the space of three months, forced brokerages including Robinhood to limit trading in heavily shorted stocks. In response, one Robinhood user filed a class-action lawsuit after the app’s decision to restrict GameStop trading on its platform. The suit was dismissed in August 2023. Another class-action lawsuit brought against Gill alleged he pretended to be a novice trader despite being a licensed professional. The volatility spawned a series of congressional hearings around brokers’ practices and gamifying retail trading, and testimony from leaders of Robinhood, Melvin Capital, Reddit and Citadel, as well as Gill. The entire episode finally inspired the 2023 movie “Dumb Money,” in which Paul Dano played Gill. #mortgage #mortgages #broker #brokers #mortgagebroker #mortgagebrokers
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GAMESTOP INVESTOR DROPS LAWSUIT AGAINST ROARING KITTY, JUST THREE DAYS AFTER FILING IT - GameStop investor, Martin Radev, has dropped his lawsuit against Keith Gill, better known as Roaring Kitty, just three days after filing it. - The suit accused Gill of securities fraud and was voluntarily dismissed on June 1 in the Eastern District Court of New York. The reason behind the quick dismissal remains unclear. Key Points: - Radev accused Gill of using his social media influence to orchestrate a "pump and dump" scheme, artificially inflating GameStop shares for personal gain. - The Gamestop investor alleged that Gill did not disclose his intention to sell 120,000 GameStop call options before their expiration on June 21, leading to investor losses. - Gill, known for his role in the 2021 GameStop short squeeze, returned to social media in May after a two-year hiatus. His recent posts sparked volatility in GameStop's stock price. - Gill recently acquired nine million shares in Chewy, representing a 6.6% ownership stake. Image: The Street
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Last Friday's events were spectacular and marked a significant twist in the GameStop saga. A world-class chess game is unfolding. Just before the market opened, Ryan Cohen dropped a bombshell by leaking the company's earnings and announcing a sale of 75 million shares, erasing all pre-market gains. The stock then plummeted another 40% after RK's much-anticipated livestream. RK posted a tweet inspired by the Joker movie. Is he about to go manic and start exercising his in-the-money call options expiring on June 20? Does he have the funds to pull that off, or is he backed by someone? Hedge funds, short sellers, and his broker are all on edge. A reminder: RK and the Reddit community orchestrated the GME short squeeze, which decimated Melvin Capital in 2021. #gme #RK #shorting #hedgefunds #wallstreet #reddit #financialmarkets
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Appreciate this pithy piece by Cliff Asness on learnings from the GameStop Meme Craze. Here are the 5 TLDR takeaways: 1. The public has a growing disrespect for expertise. 2. Many assume that an instantaneously available-to-all avalanche of information evens the playing field. Yet it’s usually information processing, not access, that has real value. 3. Too often we discard or warp time-honored principles to bad ends. 4. If you’re trading your 401(k) based on your hatred of and desire to harm a certain class of people, you’re probably letting your bias hurt your bottom line. 5. We often correctly marvel at the “wisdom of crowds,” but this phenomenon is based on the crowd’s members being reasonably independent of one another. …the internet seems to be a perfectly designed vehicle for turning a crowd of independent thinkers into an angry mob.
Opinion | The GameStop Meme Stock Craze Hits the Cinema
wsj.com
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GameStop shares jump 30% after ‘Roaring Kitty’ trader posts account showing $116 million position. GameStop rallied again Monday on speculation Keith Gill, who goes by Roaring Kitty on X and YouTube, could have a huge position in the video game retailer. Gill, who also goes by DeepF------Value on Reddit, reappeared Sunday night, posting a screenshot of what could be his portfolio holding a significant amount of GameStop common shares and call options. The trader holds 5 million shares of GameStop worth $115.7 million as of Friday’s closing price, according to the account snapshot posted on Reddit’s r/SuperStonk forum. $GME https://lnkd.in/eCauzmyJ #tradeguard #receivableputoptions #arputs #receivableputs #tradereceivables #accountsreceivables
GameStop shares rise 21% — close well off highs — as 'Roaring Kitty' posts account with $116 million
cnbc.com
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Roaring Kitty Faces Dilemma Over GameStop Options - Keith Gill, known as Roaring Kitty, faces complex decisions regarding his significant GameStop options as they near expiration. - If his position is in the money, many suspect that Gill won't have the capital to exercise the options and E-Trade may have to intervene. - Gill's choices include exercising the options, selling them, or a combination of both, each with distinct financial implications. - His next steps will be closely watched by the market, reflecting the impact of influential individual investors. #RoaringKitty #GameStop #StockOptions Read more: [https://buff.ly/4cab6ew]
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