{"id":272211,"date":"2024-07-01T18:33:30","date_gmt":"2024-07-01T18:33:30","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=news&#038;p=272211"},"modified":"2024-07-01T18:33:30","modified_gmt":"2024-07-01T18:33:30","slug":"roaring-kitty-faces-securities-fraud-lawsuit-over-gamestop-posts","status":"publish","type":"news","link":"https:\/\/www.techopedia.com\/news\/roaring-kitty-faces-securities-fraud-lawsuit-over-gamestop-posts","title":{"rendered":"Roaring Kitty Faces Securities Fraud Lawsuit Over GameStop Posts"},"content":{"rendered":"<p><b>Popular trader Roaring Kitty faces a class-action <\/b><a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nyed.517255\/gov.uscourts.nyed.517255.1.0_1.pdf\" target=\"_blank\"><b>lawsuit<\/b><\/a><b>. He is accused of manipulating GameStop&#8217;s stock price through social media.<\/b><\/p>\n<p><span style=\"font-weight: 400\">Retail trading legend Keith Gill, known as <\/span><a href=\"https:\/\/www.techopedia.com\/does-return-of-roaring-kitty-mean-bull-run-gme-stock-tumbles-25-after-skyrocket-while-meme-coins-hold-strong\"><span style=\"font-weight: 400\">Roaring Kitty<\/span><\/a><span style=\"font-weight: 400\">, is embroiled in a class-action lawsuit for alleged securities fraud involving <\/span><a href=\"https:\/\/www.techopedia.com\/investing\/how-to-buy-gamestop-stock\"><span style=\"font-weight: 400\">GameStop stock<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The lawsuit, filed on June 28, contends that Roaring Kitty manipulated GameStop&#8217;s stock price through his influential social media presence during May and June 2024.\u00a0<\/span><\/p>\n<h2><span id=\"roaring_kittys_post_propelled_74_price_boost_in_gamestop_shares\">Roaring Kitty\u2019s Post Propelled 74% Price Boost in GameStop Shares<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to a class-action lawsuit filed in the United States Eastern District of New York, Roaring Kitty is accused of orchestrating a &#8220;pump and dump&#8221; scheme through social media posts.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Roaring Kitty\/Deep Fucking Value is being sued for securities fraud. This is a class action lawsuit, filed by a person who bought GME at what they claim was an artificially inflated price.<a href=\"https:\/\/t.co\/0Opn8i7zVA\" target=\"_blank\">https:\/\/t.co\/0Opn8i7zVA<\/a><\/p>\n<p>&mdash; Chairman Birb Bernanke (@Bonecondor) <a href=\"https:\/\/twitter.com\/Bonecondor\/status\/1807555808168923444?ref_src=twsrc%5Etfw\" target=\"_blank\">June 30, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">The lawsuit alleges that Gill strategically began purchasing GameStop call options at relatively low prices on E*Trade starting May 12, 2024.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The following day, he made a comeback on social media platform X with a meme-post.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"zxx\" dir=\"ltr\"><a href=\"https:\/\/t.co\/YgjVqtgcNS\" target=\"_blank\">pic.twitter.com\/YgjVqtgcNS<\/a><\/p>\n<p>&mdash; Roaring Kitty (@TheRoaringKitty) <a href=\"https:\/\/twitter.com\/TheRoaringKitty\/status\/1789807772542067105?ref_src=twsrc%5Etfw\" target=\"_blank\">May 13, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">On June 2, he <\/span><a href=\"https:\/\/www.reddit.com\/r\/Superstonk\/comments\/1dowiiu\/keith_gill_has_turned_his_original_53k_investment\/\" target=\"_blank\"><span style=\"font-weight: 400\">posted on Reddit<\/span><\/a><span style=\"font-weight: 400\">, disclosing his substantial holdings in GameStop. It included 120,000 call options and 5 million shares of stock.\u00a0<\/span><\/p>\n<figure id=\"attachment_272213\" aria-describedby=\"caption-attachment-272213\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1-300x116.png\" alt=\"GameStop Stock shot up over 74% after Roaring Kitty\u2019s post\" width=\"1200\" height=\"463\" class=\"wp-image-272213\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1-300x116.png 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1-1024x396.png 1024w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1-768x297.png 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1-1536x593.png 1536w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1-1200x463.png 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1.png 1758w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-272213\" class=\"wp-caption-text\">GameStop Stock shot up over 74% after Roaring Kitty\u2019s post<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Holding 120,000 call options granted Roaring Kitty the right, but not the obligation, to purchase 120,000 shares of GameStop stock at a predetermined price (strike price) within a specified time frame.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This disclosure triggered a sharp increase in <\/span><a href=\"https:\/\/www.techopedia.com\/news\/roaring-kitty-sparks-gamestop-and-amc-stock-revival\"><span style=\"font-weight: 400\">GameStop\u2019s stock<\/span><\/a><span style=\"font-weight: 400\"> price, with shares soaring over 70% in early premarket trading on June 3.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Later that month, Roaring Kitty<\/span><a href=\"https:\/\/www.reddit.com\/r\/Superstonk\/comments\/1df8jno\/gme_yolo_update_june_13_2024\/?utm_source=share&amp;utm_medium=web3x&amp;utm_name=web3xcss&amp;utm_term=1&amp;utm_content=share_button\" target=\"_blank\"><span style=\"font-weight: 400\"> revealed on Reddit<\/span><\/a><span style=\"font-weight: 400\"> that he had exercised all 120,000 call options, resulting in an enormous profit. He claimed to use it to acquire an additional 4 million GameStop shares valued at $262 million.<\/span><\/p>\n<figure id=\"attachment_272215\" aria-describedby=\"caption-attachment-272215\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-300x143.png\" alt=\"Roaring Kitty\u2019s disclosed 4M acquisition of GameShop shares on Reddit.\" width=\"1200\" height=\"573\" class=\"wp-image-272215\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-300x143.png 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-1024x489.png 1024w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-768x367.png 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-130x63.png 130w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-104x50.png 104w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-83x40.png 83w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-1536x733.png 1536w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-1200x573.png 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-1980x945.png 1980w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2.png 1999w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-272215\" class=\"wp-caption-text\">Roaring Kitty\u2019s disclosed 4M acquisition of GameShop shares on Reddit.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">However, GameStop&#8217;s stock price plummeted by 15.18% in the three following trading sessions, wiping out significant value.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The plaintiffs in this case, led by Martin Radev and represented by Pomerantz LLP, accuse the trader of orchestrating a classic pump-and-dump scheme. They allege that his actions misled other investors, who suffered financial losses following the influence of Roaring Kitty&#8217;s posts.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Radev and others are pursuing legal action, alleging financial losses from the subsequent stock price decline.<\/span><\/p>\n<h2><span id=\"roaring_kittys_lawsuit_holds_no_water\">Roaring Kitty\u2019s Lawsuit Holds No Water?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Former federal prosecutor Eric Rosen cast doubt on the lawsuit against Roaring Kitty, expressing skepticism about its prospects for success. He made this known in a recent <\/span><a href=\"https:\/\/www.dynamisllp.com\/knowledge\/roaring-kitty-sued-for-securities-fraud#:~:text=The%20complaint%20alleges%20he%20committed,time%20in%20years)%2C%20revealing%20a\" target=\"_blank\"><span style=\"font-weight: 400\">blog post<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Rosen argued that expecting the stock trader to hold his options until their exact expiry date was unrealistic for any prudent investor. He also challenged the lawsuit&#8217;s foundation, which relies on investors&#8217; decision-making based on social media posts.<\/span><\/p>\n<p><span style=\"font-weight: 400\">https:\/\/twitter.com\/amitisinvesting\/status\/1807587523050328075<\/span><\/p>\n<p><span style=\"font-weight: 400\">While Gill has cultivated a reputation within the retail trading community, some seasoned traders are unimpressed by his actions. Veteran NYSE floor trader Peter Tuchman expressed his displeasure with how social media has impacted trading decisions recently.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Tuchman, who has over 40 years of experience in the stock market and is affectionately nicknamed the \u201cEinstein of Wall Street,\u201d believes investing in meme stocks is nothing but gambling.<\/span><\/p>\n<p><i><span style=\"font-weight: 400\">&#8220;Social media has created this platform of envy, jealousy, need, and greed. That&#8217;s the bottom line,&#8221; Tuchman <\/span><\/i><a href=\"https:\/\/ca.finance.yahoo.com\/news\/trading-gamestop-stock-is-like-gambling-warns-trader-with-more-than-40-years-of-experience-203731586.html\" target=\"_blank\"><i><span style=\"font-weight: 400\">told<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> Yahoo Finance in an interview last week.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400\">Tuchman also expressed deep concern for many of Gill&#8217;s followers, stating that many of them would lose their funds.<\/span><\/p>\n<p><i><span style=\"font-weight: 400\">&#8220;We are at the crossroads of so many young investors and traders who come to me, who are still long in GameStop from $480 from the first debacle, and now they are returning to the well to get themselves in trouble again,&#8221; Tuchman stated.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Popular trader Roaring Kitty faces a class-action lawsuit. He is accused of manipulating GameStop&#8217;s stock price through social media. Retail trading legend Keith Gill, known as Roaring Kitty, is embroiled in a class-action lawsuit for alleged securities fraud involving GameStop stock. The lawsuit, filed on June 28, contends that Roaring Kitty manipulated GameStop&#8217;s stock price [&hellip;]<\/p>\n","protected":false},"author":286582,"featured_media":272218,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"news-category":[2225],"class_list":["post-272211","news","type-news","status-publish","format-standard","has-post-thumbnail","hentry","news-category-finance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Roaring Kitty Faces Securities Fraud Lawsuit Over GameStop Posts - Techopedia<\/title>\n<meta name=\"description\" content=\"Popular trader Roaring Kitty faces a class-action lawsuit. 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