'GameStop Stock Controversy: 'Roaring Kitty' Facing Lawsuit Over Suspected Market Manipulation'
Money | July 1, 2024, 2:53 p.m.
Keith Gill, the man behind the internet persona “Roaring Kitty,” is facing a class-action lawsuit alleging securities fraud for his involvement in a “pump-and-dump” scheme with GameStop stock. The lawsuit claims that Gill manipulated GameStop’s stock price by revealing a massive stake in the company without disclosing when he purchased the options. Despite claims that Gill engaged in fraudulent activity, some legal experts suggest that his actions may not warrant legal action, as he is not a fiduciary or financial adviser. Furthermore, reports have emerged that E-Trade considered removing Gill from their platform due to concerns about stock manipulation. Gill recently disclosed a significant stake in online pet retailer Chewy, leading to a dramatic fluctuation in the company’s stock price. This lawsuit raises questions about the ethical responsibilities of influential figures on social media platforms in the realm of financial investments.