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Feb 17, 2021

'Roaring Kitty' sued for securities fraud over GameStop rise

McCreath: Identifying signs of market froth

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Keith Gill, one of the most influential voices that pushed GameStop on the WallStreetBets Reddit forum, was hit with a securities class action that accused him of misrepresenting himself as an amateur investor and profiting by artificially inflating the price of the stock.

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’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.”