GameStop Trader Roaring Kitty Sued: Allegations of GME Manipulation

The GameStop (GME) saga continues to unfold with a new twist: Roaring Kitty, the social media icon who spearheaded much of the initial trading frenzy, is now facing legal challenges. A recent lawsuit filed by the Eastern District of New York alleges that Keith Gill, known on social media as Roaring Kitty, has engaged in a pump-and-dump scheme involving GME stock.

On Friday, Keith Gill, “Roaring Kitty,” was sued in the Eastern District of New York for securities fraud related to his recent tweets about GameStop. This legal action arrives as interest in GameStop reignites, raising questions about the fairness and legality of the trading boom.

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, the complaint accuses Gill of artificially inflating the price of GME stock to his own benefit. Keith Gill has been targeted in a proposed class-action lawsuit for allegedly pumping and dumping the price of GameStop, although lawyers say the complaint is likely to be challenged.

The lawsuit highlights the complexities of social media's influence on the stock market and raises concerns about potential market manipulation. Investors and market watchers are closely following the developments to understand the potential ramifications for the future of retail trading.