“Roaring Kitty” sued for alleged “pump-and-dump” scheme with GameStop stock

Source: New York Post

“Meme stock icon ‘Roaring Kitty’ allegedly duped his millions of internet followers with a ‘pump-and-dump’ scheme by revealing his position in video game retailer GameStop without disclosing when he bought the options, according to a bombshell class-action lawsuit. Keith Gill, the former financial analyst for MassMutual who sparked the meme-stock frenzy in 2021 by using his internet alter-ego Roaring Kitty, was slapped with a securities fraud suit by several GameStop shareholders in Brooklyn federal court. Gill ‘engaged in a pump-and-dump scheme’ by posting an item on Reddit in which he ‘belatedly reveal[ed]’ to investors on June 13 that he amassed a considerable stake in GameStop, according to the claim, filed Friday.” (07/01/24)