Court Dismisses Class Action Lawsuit Against “Roaring Kitty” Keith Gill

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As a seasoned crypto investor with a keen interest in the stock market and a deep respect for due process, I’m relieved to hear that the U.S. District Court has dismissed the class action lawsuit against Keith Gill, also known as “Roaring Kitty.” This decision is a victory for transparency, free speech, and fair markets.

A federal court in the Eastern District of New York has thrown out a class action lawsuit accusing Keith Gill, also known as “Roaring Kitty” online, of manipulating GameStop (GME) share prices through illegal market activities.

During the exhilarating GameStop stock surge in 2021, Gil gained prominence as a financial analyst and investor. However, a shareholder, Martin Radev, has brought forth a lawsuit alleging that Gil deceitfully manipulated investors through supposed “pump and dump” activities, referring to his contentious social media posts between May 12th and June 13th, 2024.

Keith Gill. Roaring Kitty $GME #GME Case Dismissed. — Tony Denaro (@Tony_Denaro) July 1, 2024

Based on previous information, the accusations centered around Gill’s reemergence on social media in May 2024 following a three-year absence. Once he resumed using Twitter, GameStop’s stock price experienced a significant surge from $17.46 to $48.75, resulting in substantial financial damage for those who had short sold the stock.

Gill revealed that he held a significant investment worth $181.4 million in GameStop, consisting of 5 million shares and call options. Furthermore, he forecasted that the stock would surge to a minimum of $20 per share by June 21. Subsequently, the stock price experienced an impressive growth of approximately 300%.

The lawsuit alleged that Gill’s online behavior influenced GameStop’s unstable stock market performance, suggesting market manipulation. Yet, the judge’s ruling to throw out the case implies insufficient evidence existed to substantiate these claims.

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2024-07-02 04:36