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. Gill, known for his significant role in the “meme stock” movement, is a former financial analyst.
Roaring Kitty of GameStop, $GME, has been sued in the Eastern District of New York for securities fraud related to his recent tweets about GameStop
7/1/2024
The lawsuit claims that Gill secretly purchased a substantial number of GameStop call options before making a social media post on May 12, 2024, which reignited interest in the company’s stock. As a result, the stock price surged by over 74% the following day. Gill then allegedly disclosed his large stake in the company on June 2, causing another increase 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, leading to a 5.36% drop in GameStop’s stock price, according to the filing.
On June 13, Gill posted a screenshot of his GameStop portfolio, showing that he no longer held the call options but had increased his position in GameStop stock. The lawsuit alleges that Gill profited from these transactions, describing his actions as a pump-and-dump scheme.
The lawsuit seeks to recover damages resulting from Gill’s alleged violations of federal securities laws.
“As a result of Defendant's wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages,” the lawsuit states.
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