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A class-action lawsuit against online investor Keith Gill, popularly known as “Roaring Kitty,” was dropped barely three days after it was filed.
The lawsuit filed by GameStop shareholder Martin Radev last Friday accused Gill of securities fraud and running a “pump-and-dump” scheme for the GameStop stock.
JUST IN 🚨: Lawsuit against Roaring Kitty, a.k.a. Keith Gill, for his alleged role in promoting GameStop $GME, has been dismissed pic.twitter.com/RqWWUGHkmO
— Barchart (@Barchart) July 1, 2024
The plaintiff withdrew the lawsuit on Monday without any explanation, and it has been dismissed without prejudice. The court filing shows that the lawsuit can be refiled in the future.
Gill is known for his role in the GameStop short-squeeze saga back in 2021. He disappeared from social media for almost three years, but resurfaced earlier this year with a series of posts on X.
GameStop (GME) stock dropped 5% yesterday on the news and the GameStop (GME) crypto token is down more than 3% in the same period.
Roaring Kitty Accused of Stock Manipulation
Radev had accused Gill of manipulating the price of GameStop securities between May 13 and June 13. The plaintiff says Gill accumulated GME stock and call options before dumping some of these holdings in the market.
The lawsuit stated that Gill’s trading activities triggered GME’s price volatility. While Gill made millions of dollars in profits, other GameStop shareholders suffered losses.
“Defendant still enjoys celebrity status and commands a following of millions through his social media accounts,” the lawsuit said. “The defendant was well aware of his ability to manipulate the market for GameStop securities, as well as the benefits he could reap.”
The recent lawsuit was filed barely a month after reports that the Massachusetts Securities Regulator was investigating Gill’s trading activities in GME stock.
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