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[Discussion] Class Action Lawsuit Filed Against Keith Gill for Alleged GameStop Market Manipulation

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Keith Gill Faces Class Action Securities Fraud Lawsuit

Notable American financial analyst and investor, Keith Gill, known widely as Roaring Kitty on Youtube and Twitter, and as DeepFuckingValue on Reddit, has recently been hit with a class action securities fraud lawsuit. Gill initially rose to fame for his significant role in the 2021 surge of GameStop (GME) stock, with his ebullient live streams and posturing stirring up a massive following among retail investors.

Gill broke a three year silence when he returned to Twitter in May, setting off a new wave of meme stock frenzy. However, a lawsuit was filed against him in the U.S. District Court for the Eastern District of New York on June 28, alleging that he mislead investors and potentially manipulated the market for personal gain during the period of May 12 and June 13, 2024.

Tweets Spark Stock Surge, Lawsuit Allegations

After a two-year hiatus, Gill began posting rather cryptic messages on Twitter starting May 13. These posts, which many perceived to be pro-GameStop, led to a sharp spike in the tech company's share price. The closing business of May 14 saw GameStop shares rise spectacularly from $17.46 to $48.75. Subsequently, short sellers faced losses of more than $1 billion.

The lawsuit argues that Gill was able to rally a massive retail investors following who purchased and held GameStop securities through his social media posts. It goes further to accuse him of misusing his social media presence to augment his stock holdings.

Financial Losses, Market Manipulation, and New Meme Stock Ventures

Following the initial stock spike, Gill revealed on June 2 that he had acquired a portion of GameStop call options and stock unexpectedly. The announcement stoked the company’s share price further, nearly doubling it. In the lawsuit, filed in the Massachusetts federal court, the plaintiff alleges that Gill’s actions during the GameStop trading frenzy were in violation of securities laws, leading to financial losses for many who acted on his advice.

Gill has been accused of misrepresenting his professional qualifications, misleading investors about his expertise and motivations, not disclosing his true intentions, and possibly manipulating the market for his personal benefit.

Though Gill has chosen not to comment directly on the lawsuit, there seems to be a narrative shift around him towards a new meme stock. On a recent Monday, through an SEC filing, he announced that he holds a 6.6% stake in Chewy Inc., driving its share price to a near one-year high.

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