Gill allegedly purchased GameStop stock for $5 and then used social media to drive shares from around $20 in early January to more than $400 in just two weeks, violating securities laws against manipulating the market, according to the lawsuit.
The social media persona "Roaring Kitty" at the center of last month's frenzied rally in shares of GameStop Corp violated securities laws and caused "huge losses" for investors, according to a class action lawsuit filed in federal court in Massachusetts.
Keith Gill, or Roaring Kitty on YouTube and DeepF***ingValue on Reddit forums, allegedly hid his sophisticated financial training and duped retail traders into buying inflated stocks, according to the complaint filed on Tuesday.
Already a subscriber? Log in.
Start your ads-free experience now!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
