A financial analyst well-known for his trading of GameStop stock, Kieth Gill, better known as Roaring Kitty, has been sued. Gill was served a class action securities fraud lawsuit for his connection to GameStop stock (GME), and how he used his growing following over the last several months.
Gill was instrumental in the video game retailer’s stock surge in 2021. However, he notably disappeared from public view three years ago. That changed in May, when he returned to Twitter (now X) and incited a renewed push for the company’s stock, now serving as the subject of the class action suit.
Also Read: GameStop Reveals Early Q1 Earnings as Roaring Kitty Holdings Just Miss $1B
Roaring Kitty Faces Securities Fraud Lawsuit
With the GameStop trading saga reigniting just a few months ago, Roaring Kitty is now set to face a lawsuit. Filed on June 28th in the US District Court for the Eastern District of New York, the suit claims the trader manipulated markets for personal gain from May 12th to June 13th of this year.
The complaint alleges Gill “can rally a massive following of retail investors to purchase and hold GameStop securities through social media posts.” Moreover, it says that Gill used that social media prominence to only increase his own stock holdings.
Also Read: Jim Cramer Defends ‘Roaring Kitty’ Amidst GameStop Position
After years of inactivity, the meme stock community took note of Gil’s return. A rather cryptic post on X led to surging GME stock price. His connection with the retailer was undeniable. His actions in previous years led to the creation of a film inspired by the movement he created.
Conversley, a June 24th filing with the US Securities and Exchange Commission (SEC) shows Gill’s embrace of other stocks. Roaring Kitty had disclosed a 6.6% ownership in Chewy Inc. The 13G filing shows that the investors owns more than 9,000,000 shares of Class A stock in the company.