Lawsuit Against GameStop Trader Roaring Kitty Dropped After Just Three Days

A class action lawsuit against online investor Keith Gill, popularly known as “Roaring Kitty,” has been dropped just three days after it was filed.

The lawsuit, filed by GameStop shareholder Martin Radev on Friday, accuses Gill of securities fraud and running a “pump and dump” scheme for GameStop stock.

NEWS 🚨: Lawsuit Against Roaring Kitty, aka Keith Gill, Over His Alleged Role in GameStop Promo $GMEHe was fired pic.twitter.com/RqWWUGHkmO

— Barchart (@Barchart) July 1, 2024

The plaintiff withdrew the suit on Monday without explanation, and it was dismissed without prejudice. Submit a request to the court It appears that the lawsuit could be re-filed in the future.

Gill is best known for his role in the GameStop short squeeze saga in 2021. He disappeared from social media for nearly three years, but resurfaced earlier this year with a series of posts on X.

GameStop (GME) stock fell 5% yesterday on the news and the GameStop (GME) cryptocurrency token is down more than 3% in the same period.

Roaring Kitty accused of stock manipulation

Radev had accused Gill of manipulating GameStop’s stock price between May 13 and June 13. The prosecutor says Gill accumulated GME stock and call options before dumping some of the stock into the market.

the lawsuit He said that Gill’s trading activities caused GME’s price to fluctuate. While Gill made millions of dollars in profits, other GameStop shareholders suffered losses.

“Defendant continues to enjoy celebrity status and millions of followers through his social media accounts,” the lawsuit states. “Defendant was fully aware of his ability to manipulate GameStop’s stock market, as well as the benefits he could reap.”

The latest lawsuit was filed just one month later. Reports The Massachusetts Securities and Exchange Commission was investigating Gill’s trading activities in GME stock.

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