GameStop Investor Drops Lawsuit Alleging Roaring Kitty's Pump-and-Dump Scheme
Money | July 1, 2024, 4:04 p.m.
Keith Gill, the popular meme stock influencer also known as "Roaring Kitty" and "DeepF—Value," faced a lawsuit alleging that he deceived his followers to profit millions from GameStop securities. The plaintiff, Martin Radev, accused Gill of running a "pump-and-dump scheme," artificially inflating GameStop prices. Radev claimed thousands of investors, including Gill's followers, suffered harm. Despite speculation on the class size, the lawsuit was voluntarily dismissed by Radev on July 1. Radev alleged that Gill quietly purchased GameStop call options at low prices before sparking a meme movement that drove up stock values. Gill then sold his options for a large profit, only disclosing the increase in his GameStop stake after the fact. Radev demanded disgorgement of profits and damages for affected investors. The lawsuit, now closed, raised questions about Gill's actions and their impact on the market.