‘Roaring Kitty’ Faces Lawsuit for Alleged GameStop Stock Manipulation
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GameStop Influencer Keith Gill Faces Legal Action Over Alleged Stock Manipulation
Popular stock influencer Keith Gill, known by his online moniker “Roaring Kitty,” has been sued for purportedly orchestrating a "pump and dump" scheme related to GameStop Corp. shares. Gill, who gained notoriety during the 2021 meme-stock surge by promoting GameStop, made a notable return in May, once again posting about the video game retailer on X, the social media platform previously named Twitter.
The lawsuit, presented as a proposed class action, was filed in the Brooklyn federal court by GameStop shareholder Martin Radev. The suit alleges that Gill sought to manipulate the stock for his personal benefit. In response to the filing, Gill has yet to make any public comments or respond to inquiries via email.
Gill’s posts, beginning on May 13, triggered a dramatic 180% increase in GameStop shares. On June 2, he disclosed holding 5 million shares of GameStop and 120,000 call options set to expire on June 21. By June 13, his ownership swelled to over 9 million shares, with no outstanding call options by then.
Gill emerged as one of the leading figures during the meme-stock craze, gaining over a million followers through his “Roaring Kitty” YouTube channel and his Reddit account, "DeepF***ingValue." In January 2021, GameStop experienced an extraordinary surge of more than 1,700%, seemingly positioning individual investors against major hedge funds that had heavily shorted the struggling mall retailer.
On a related note, Chewy Inc. shares saw a remarkable 10% spike on Monday after Gill announced a 6.6% passive interest in the online pet supply company.
The legal proceedings have been identified as Radev v. Gill, 24-cv-04608, US District Court, Eastern District of New York.
