Roaring Kitty Lawsuit Now Withdrawn After Just One Day
Key Points:
The Roaring Kitty lawsuit, led by investor Martin Radev, claimed that Gill’s actions caused significant price fluctuations in GameStop stock, benefiting him at the expense of other investors. However, the case was unexpectedly withdrawn on Monday, just one day after it was filed.
The lawsuit, titled “Radev v. Gill,” was filed in a Brooklyn federal court, alleging securities fraud. It detailed how Gill had amassed a substantial amount of GameStop stock and call options, then sold part of his holdings after a long absence from social media. The plaintiffs argued that Gill’s influence, supported by his millions of followers, allowed him to manipulate the market.
Despite the Roaring Kitty lawsuit’s quick withdrawal, the case highlighted the powerful role social media can play in stock market dynamics. Gill, a central figure in the 2021 meme stock phenomenon, was accused of causing GameStop’s share price to gyrate wildly, resulting in “millions of dollars” in profit for himself.
The lawsuit’s withdrawal does not prevent it from being refiled in the future. The Pomerantz Law Firm, representing the investors, has not commented on the matter. Meanwhile, attention has shifted to Gill’s recent investment activities. On Monday, it was revealed that he had acquired a 6.6% stake in Chewy Inc., an online pet food retailer, leading to a 20% surge in Chewy’s stock price following the announcement.
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