‘Roaring Kitty’ sued over alleged GameStop ‘pump and dump’
NEW YORK – Popular stocks influencer Keith Gill, better known as “Roaring Kitty,” was sued for allegedly orchestrating a “pump and dump” scheme involving GameStop Corp. shares.
Mr Gill, who rose to fame promoting GameStop during the 2021 meme-stock craze, reemerged in May and again began posting about the games retailer on X, the social media platform formerly known as Twitter.
In a proposed class action filed Friday in Brooklyn, New York, federal court, GameStop shareholder Martin Radev claims Mr Gill was seeking to manipulate the stock for his own gain.
Gill didn’t immediately respond to an email seeking comment.
Posts by Gill starting on May 13 propelled a 180 per cent rise in GameStop shares. On June 2, he revealed that he owned 5 million shares of GameStop and 120,000 call options that were set to expire on June 21. By June 13, Gill’s holdings had risen to more than 9 million shares of GameStop with no outstanding call options.
Gill became one of the public faces of the meme-stock frenzy, amassing more than a million followers across his “Roaring Kitty” YouTube channel and “DeepF***ingValue” Reddit page.
GameStop surged more than 1,700 per cent during one stretch in January 2021, and the stock’s stratospheric rise appeared to pit scrappy individual investors against sophisticated hedge funds who were heavily shorting the troubled mall retailer.
On July 1, Chewy Inc. shares spiked as much as 10 per cent after Gill disclosed a 6.6 per cent passive stake in the online pet food and product retailer. BLOOMBERG