GameStop Bull Roaring Kitty Witnesses Damning Lawsuit Withdrawn

Major Takeaways

• Popular GameStop bull Keith Gill, also known as Roaring Kitty, gets to walk again as a free man as the recent lawsuit against him at the U.S. District Court for the Eastern District of New York has been dismissed.
• Previously, Keith Gill was accused of securities fraud in a class-action lawsuit related to GameStop (GME) stock.

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Class Action Lawsuit Against Roaring Kitty Dismissed

According to a class-action lawsuit filed in the United States Eastern District of New York, Roaring Kitty is accused of orchestrating a “pump and dump” scheme involving GameStop Corp. shares. Gill reportedly misled investors and potentially manipulated the market between May 12 and June 13, 2024.

The lawsuit was filed on Friday in Brooklyn, New York, federal court, by GameStop shareholder Martin Radev.

Investors in GameStop (GME.N) have withdrawn their lawsuit accusing Keith Gill on Monday, July 1. Not much details about the dismissal have been revealed. However, it is likely that the court found no solid grounds to convict the investor.

Keith Gill. Roaring Kitty $GME #GME Case Dismissed. pic.twitter.com/VHTKVDDqmb

— Tony Denaro (@Tony_Denaro) July 1, 2024

Roaring Kitty’s Post Promotes 74% Price Boost in GameStop Shares

Notably, Keith Gill is significant for the role he played in GameStop’s 2021 stock spike. His live streams and posts stirred up a community of retail investors to plunge their funds in the shares.

Suddenly, he went radio-silent and stayed that way for three years. Keith Gill eventually returned in May and his reactivation sent the meme GME stock into a frenzy. Precisely, GameStop’s stock went from $17.46 to $48.75 and this caused short sellers to lose more than $1 billion.

On June 2, he posted on Reddit, disclosing his substantial holdings in GameStop. It included 120,000 call options and 5 million shares of stock. The GameStop bull also predicted that GME would reach at least $20 a share by June 21.

This disclosure triggered a sharp increase in GameStop’s stock price, with shares soaring over 70% in early premarket trading on June 3.

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Who is Roaring Kitty?

Roaring Kitty, whose legal name is Keith Gill, is a high-profile retail investor and Internet celebrity in the U.S. stock market. His words and deeds can often cause market volatility and attention, but also accompanied by a lot of questions and controversies. For example, a picture of a cartoon dog appeared on Roaring Kitty’s X feed, briefly driving up Chewy shares as much as 34% to $39.10.

Notably, Keith Gill made a name for himself by leading retail investors against the shorts in 2021, sending GameStop’s stock soaring. Keith Gill actively promoted GameStop (ticker symbol GME) on social media, encouraging retail investors to buy the company’s stock, sparking a heated confrontation between retail and short sellers. This action caused GameStop’s stock price to soar in a short period of time, attracting the attention of investors around the world.

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