Lawsuit Against GameStop Trader Roaring Kitty Is Dropped After Just Three Days

A category-action lawsuit towards on-line investor Keith Gill, popularly often called “Roaring Kitty,” was dropped barely three days after it was filed.

The lawsuit filed by GameStop shareholder Martin Radev final Friday accused Gill of securities fraud and working a “pump-and-dump” scheme for the GameStop inventory.

JUST IN 🚨: Lawsuit towards Roaring Kitty, a.okay.a. Keith Gill, for his alleged function in selling GameStop $GME, has been dismissed pic.twitter.com/RqWWUGHkmO

— Barchart (@Barchart) July 1, 2024

The plaintiff withdrew the lawsuit on Monday with none rationalization, and it has been dismissed with out prejudice. The court docket submitting reveals that the lawsuit may be refiled sooner or later.

Gill is understood for his function within the GameStop short-squeeze saga again in 2021. He disappeared from social media for nearly three years, however resurfaced earlier this 12 months with a sequence of posts on X.

GameStop (GME) inventory dropped 5% yesterday on the information and the GameStop (GME) crypto token is down greater than 3% in the identical interval.

Roaring Kitty Accused of Inventory Manipulation

Radev had accused Gill of manipulating the worth of GameStop securities between Might 13 and June 13. The plaintiff says Gill amassed GME inventory and name choices earlier than dumping a few of these holdings available in the market.

The lawsuit acknowledged that Gill’s buying and selling actions triggered GME’s worth volatility. Whereas Gill made hundreds of thousands of {dollars} in earnings, different GameStop shareholders suffered losses.

“Defendant nonetheless enjoys superstar standing and instructions a following of hundreds of thousands by his social media accounts,” the lawsuit stated. “The defendant was nicely conscious of his potential to control the marketplace for GameStop securities, in addition to the advantages he might reap.”

The current lawsuit was filed barely a month after studies that the Massachusetts Securities Regulator was investigating Gill’s buying and selling actions in GME inventory.

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