Keith Gill, aka Roaring Kitty, Sued for 10(b)(5) Securities Fraud in Class Action Over GameStop Promotion

Jul 1, 2024, 01:30 AM

Keith Gill, known as Roaring Kitty, has been sued for securities fraud in the Eastern District of New York. The lawsuit, filed by a class of retail investors led by Martin Radev, alleges that Gill's social media posts and promotion of GameStop (GME) artificially inflated the stock's price. The plaintiffs claim that Gill orchestrated a 'pump-and-dump' scheme through misleading tweets and Reddit posts about his ownership stake in GameStop. The case, filed on June 28, 2024, under Rule 10(b)(5), is expected to face significant challenges in court. The lawsuit was filed by Dynamis LLP and involves an investor with 35 shares.