https://financialpost.com/investing/roaring-kitty-sued-securities-fraud-gamestop
[h=1]'Roaring Kitty,' investor who pushed for GameStop's rise, sued for securities fraud[/h][FONT="]Proposed class action accuses Keith Gill of misrepresenting himself as an amateur investor and profiting by artificially inflating the price of the stock
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[FONT="]Keith Gill, one of the most influential voices that pushed GameStop on the WallStreetBets Reddit forum, was hit with a lawsuit that accused him of misrepresenting himself as an amateur investor and profiting by artificially inflating the price of the stock.[/FONT]
[FONT="]The proposed class action against Gill, who adopted the online nickname “Roaring Kitty,” was filed Tuesday in federal court in Massachusetts. The suit said Gill was actually a licensed securities professional who manipulated the market to profit himself. Gill touted GameStop shares through an extensive social media presence on Youtube, Twitter and Reddit.
“Gill’s deceitful and manipulative conduct not only violated numerous industry regulations and rules, but also various securities laws by undermining the integrity of the market for GameStop shares,” the suit said. “He caused enormous losses not only to those who bought option contracts, but also to those who fell for Gill’s act and bought GameStop stock during the market frenzy at greatly inflated prices.”
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[FONT="]Those gains have largely evaporated since then though, with the stock trading around US$47 on Wednesday afternoon, down from its high of nearly US$350 on Jan. 27.[/FONT]
[FONT="]The lawsuit said Gill, who has been written about extensively by Bloomberg, The New York Times, The Wall Street Journal and others, was far from being an amateur stock picker. Rather, he is a Chartered Financial Analyst who holds multiple broker licenses and was previously employed by Massachusetts Mutual Life Insurance Co. The lawsuit also named Mass Mutual and a brokerage subsidiary of the company as defendants, saying they had an obligation to supervise Gill’s activities in the market.[/FONT]
[h=1]'Roaring Kitty,' investor who pushed for GameStop's rise, sued for securities fraud[/h][FONT="]Proposed class action accuses Keith Gill of misrepresenting himself as an amateur investor and profiting by artificially inflating the price of the stock
[/FONT]
[FONT="]Keith Gill, one of the most influential voices that pushed GameStop on the WallStreetBets Reddit forum, was hit with a lawsuit that accused him of misrepresenting himself as an amateur investor and profiting by artificially inflating the price of the stock.[/FONT]
[FONT="]The proposed class action against Gill, who adopted the online nickname “Roaring Kitty,” was filed Tuesday in federal court in Massachusetts. The suit said Gill was actually a licensed securities professional who manipulated the market to profit himself. Gill touted GameStop shares through an extensive social media presence on Youtube, Twitter and Reddit.
“Gill’s deceitful and manipulative conduct not only violated numerous industry regulations and rules, but also various securities laws by undermining the integrity of the market for GameStop shares,” the suit said. “He caused enormous losses not only to those who bought option contracts, but also to those who fell for Gill’s act and bought GameStop stock during the market frenzy at greatly inflated prices.”
[/FONT]
[FONT="]Those gains have largely evaporated since then though, with the stock trading around US$47 on Wednesday afternoon, down from its high of nearly US$350 on Jan. 27.[/FONT]
[FONT="]The lawsuit said Gill, who has been written about extensively by Bloomberg, The New York Times, The Wall Street Journal and others, was far from being an amateur stock picker. Rather, he is a Chartered Financial Analyst who holds multiple broker licenses and was previously employed by Massachusetts Mutual Life Insurance Co. The lawsuit also named Mass Mutual and a brokerage subsidiary of the company as defendants, saying they had an obligation to supervise Gill’s activities in the market.[/FONT]
