Class Action Lawsuit Against Roaring Kitty Dismissed
Recently, a class action lawsuit was filed against Keith Gill, also known as Roaring Kitty, on the grounds that his social media activities significantly impacted the price of GameStop (GME) stock for personal gain. Surprisingly, the plaintiffs voluntarily withdrew the lawsuit within a day of it being filed.
The Lawsuit and Quick Dismissal
- The case, Radev v. Gill, appeared on the court docket briefly and was abruptly withdrawn after a summons was issued to Gill, giving him 21 days to respond to the complaint.
- The plaintiffs’ attorneys informed the court that they were dropping the lawsuit without prejudice in a brief two-sentence notice.
- News of the dismissal came just before the U.S. markets closed, with GME closing the day at $23.33, marking a 5% decline for the day and a 16% drop over the past month.
A Colorful Chapter in Roaring Kitty’s Story
This sudden turn of events adds yet another interesting chapter to the story of Keith Gill, who gained fame in 2021 as a key figure in the “meme stock” movement that shook Wall Street. Retail investors, using platforms like Robinhood, banded together to support the stocks of companies like GameStop, causing widespread confusion among traditional financial institutions.
- Gill’s rise to fame in 2021, his social media presence, and the correlation between his activities and GameStop stock movements were highlighted in the now-dismissed lawsuit.
- The lawsuit included screenshots of social media content, mentions of regulatory scrutiny, and reports of potential consequences from trading platforms like ETrade.
- Allegations of engaging in a “pump-and-dump scheme” with GameStop stock, violating securities laws, and causing financial harm were central to the lawsuit’s claims against Gill.
What’s Next for Roaring Kitty?
With the dismissal of the lawsuit without prejudice, the door remains open for the plaintiffs to potentially refile their case against Keith Gill in the future. In the meantime, Gill has reportedly shifted his attention from GameStop to the purchase of a significant number of shares in online pet food retailer Chewy.
Response from Gill and Plaintiffs’ Attorneys
Neither Keith Gill nor the legal representatives of the plaintiffs have provided immediate comments following the dismissal of the lawsuit. The developments in this legal saga add another layer of intrigue to the ongoing narrative surrounding Roaring Kitty and his impact on the financial markets.
Hot Take: Roaring Kitty’s Legal Battle Ends Abruptly
In a surprising twist, a class action lawsuit against Keith Gill, aka Roaring Kitty, alleging misconduct in relation to GameStop stock prices, was swiftly withdrawn by the plaintiffs shortly after being filed. The sudden dismissal leaves lingering questions about the implications of social media influence on stock market dynamics.
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