Keith Gill Discloses 6.6% Stake in Chewy, Shares Soar 29%; Faces Securities Fraud Lawsuit Over GME

Jul 1, 2024, 10:37 AM

Keith Gill, also known as 'Roaring Kitty,' has disclosed a significant stake in Chewy, filing an SEC 13G for 9,001,000 shares, representing 6.6% of the company. This announcement has led to a substantial increase in Chewy's stock price, which soared up to 29% in premarket trading. Gill is also facing a class-action lawsuit for allegedly orchestrating a 'pump-and-dump' scheme involving GameStop (GME) shares, following his return to social media in May. The lawsuit, filed in the Eastern District of New York, accuses Gill of securities fraud under Rule 10(b)(5). The case has drawn significant attention, reflecting ongoing concerns about market manipulation by influential retail traders.