GameStop (GME) biggest promoter Roaring Kitty gets to walk again as a free man as the recent lawsuit against him at the U.S. District Court for the Eastern District of New York has been dismissed.
Class Action Lawsuit Dismissed
Keith Gill, an American financial analyst and investor who is popularly known as Roaring Kitty or DeepFuckingValue was recently hit with a class action lawsuit. He was accused of orchestrating a “pump and dump” scheme involving GameStop Corp. shares. Gill reportedly misled investors and potentially manipulated the market between May 12 and June 13, 2024.
Keith Gill. Roaring Kitty $GME #GME Case Dismissed. pic.twitter.com/VHTKVDDqmb
— Tony Denaro (@Tony_Denaro) July 1, 2024
The lawsuit was filed on Friday in Brooklyn, New York, federal court, by GameStop shareholder Martin Radev.
Notably, Gill is popular for the role he played in GameStop’s 2021 stock surge. His live streams and posts stirred up a community of retail investors to plunge their funds in the shares.
Suddenly, he went radio-silent and stayed that way for three years. Gill eventually returned in May and his reactivation sent the meme GME stock into a frenzy. Precisely, GameStop’s stock went from $17.46 to $48.75 and this caused short sellers to lose more than $1 billion.
“Short interest is $1.92 billion, 63.2 million shares shorted, 23.68% SI % Float,” Ihor Dusaniwsky, S3 managing director of predictive analytics said at the time. “We are seeing continued squeeze-related short covering due to the rebirth of the meme trade.”
Roaring Kitty Influences GameStop Price
Upon his return, Roaring Kitty informed the public of his GameStop holding, citing that it is worth $181.4 million at the time. He shared screenshot, purportedly showing his purchase of 5 million GME shares for $115.7 million and an investment of $65.7 million in call options. The GameStop bull also predicted that GME would reach at least $20 a share by June 21. Again this revelation and prediction caused the value of the GME stock to jump by 300%.
For a few weeks now, Roaring Kitty has gone silent again. This new round of hibernation successfully erased the stock’s Month-to-Date (MTD) gains. The constant fluctuation of the stock in association with Gill’s appearance and disappearance, have contributed to the “pump and dump” lawsuit.
Not much details about the dismissal have been revealed. However, it is likely that the court found no solid grounds to convict the investor.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
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