Investors in GameStop have for now withdrawn their lawsuit accusing Keith Gill, who is known as "Roaring Kitty" and helped spur the meme stock mania of 2021, of defrauding them through a "pump-and-dump" scheme for the videogame retailer.
A proposed class action accusing Gill of securities fraud was filed on Friday in the Brooklyn, N.Y., federal court, but voluntarily withdrawn on Monday without explanation. The lawsuit can be refiled, according to the filing.
Lawyers at the Pomerantz law firm, which represents the investors, did not immediately respond to requests for comment.
Investors led by Martin Radev, who lives in the Las Vegas area, said Gill manipulated GameStop securities between May 13 and June 13 by quietly accumulating large quantities of stock and call options, then dumping some holdings after emerging from a three-year social media hiatus
They said Gill's activities caused GameStop's share price to gyrate wildly, generating "millions of dollars" in profit for him at their expense.
"Defendant still enjoys celebrity status and commands a following of millions through his social media accounts," the complaint said. "Accordingly, Defendant was well aware of his ability to manipulate the market for GameStop securities, as well as the benefits he could reap."
Gill did not immediately respond to requests for comment on Monday.
On May 12, he posted a cryptic meme on the social media platform X that was widely seen as a bullish signal for GameStop, whose stock he cheerleaded in 2021.
GameStop's share price more than tripled over the next two days, then gave back nearly all the gains by May 24.
On June 2, Gill revealed that he owned five million GameStop shares and 120,000 call options, and on June 13 revealed he had shed the call options but owned nine million GameStop shares.
Investors said the truth about Gill's investing became known on June 3 when the Wall Street Journal wrote about the timing of his options trades and said the online brokerage considered kicking him off its platform.
The meme stock mania was fueled in part by investors stuck at home during the pandemic, and led to a "short squeeze" that caused losses for hedge funds betting stock prices would fall.
On Monday, trading in Chewy shares became volatile after Gill revealed a 6.6 per cent stake in the pet products retailer.
As Hurricane Beryl rips toward the southeast Caribbean, Global Affairs Canada is warning travellers to avoid non-essential travel to Jamaica as well as several countries in the region.
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All tents at a pro-Palestinian encampment at the University of Toronto appear to have been taken down ahead of a 6 p.m. deadline to clear the site.
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Ireland's prime minister says he's "absolutely appalled" by an assault in the country's capital that resulted in the death of a tourist from Montreal.
All tents at a pro-Palestinian encampment at the University of Toronto appear to have been taken down ahead of a 6 p.m. deadline to clear the site.
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U.S. President Joe Biden vowed to stay in the 2024 presidential race during a call with campaign staff on Wednesday and sought to reassure top Democrats on Capitol Hill that he is fit for re-election, despite his disastrous debate performance last week.
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The federal government says it is naming Lt.-Gen. Jennie Carignan as defence chief, making her the first woman to hold the Canadian Armed Forces' top job.
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Quest Diagnostics said on Wednesday it would acquire Canada-based LifeLabs from pension plan owner OMERS for about $1.35 billion, including net debt.
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Jessica Campbell will become the first woman to work on the bench of an NHL franchise after the Seattle Kraken hired her as an assistant coach Wednesday.
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The City of Winnipeg has exceeded its snow clearing budget every year for the past decade.
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Roccanville's Jessica Campbell has been hired by the Seattle Kraken, making her the first woman to be hired as a full-time coach in the National Hockey League (NHL).
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A Saskatoon city councillor is denying his involvement in alleged abuse at a private Christian school.
A Sask. man who escaped RCMP custody in Dinsmore, Sask. has been found dead.
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The owner of Thornloe Cheese announced Wednesday it has a tentative agreement in place to sell the northern Ontario cheesemaker to Mississauga-based Triple 鈥楢鈥 Cheese.
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A man has been charged with assault with a weapon following a confrontation between neighbours on Tuesday in the Sault.
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A 29-year-old woman is dead after drowning off a small island along the British Columbia coast.
A swath of B.C.鈥檚 southern Interior is being told to brace for potential severe thunderstorms Tuesday.
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Mounties in Kelowna say a suspect is at large after a man was stabbed in the city Sunday afternoon.
One of two men accused of conspiring to kill Mounties at the border blockade at Coutts, Alta., characterized the protest as a last stand and told his mother there 鈥渨ill be a war鈥 if police moved in.
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A group of Elliot Lake seniors and homeowners who have been fighting the Canadian government and by extension the Canadian Nuclear Safety Commission for the last three years over the radioactive backfill used under their homes will be getting their day in court on Wednesday.
The union representing inshore fish harvesters in Newfoundland and Labrador is calling on the federal government to reverse its recent decision to reopen the commercial Northern cod fishery.
As part of the emotional ceremony honouring Newfoundland and Labrador's Unknown Soldier, the province's national anthem, The Ode to Newfoundland, was sung. Military members received special permission from defence officials to salute the Ode.
The remains of a soldier from Newfoundland killed in the battlefields of France during the First World War will be laid to rest in St. John's Monday, bringing an emotional end to a years-long effort in a place still shaken and forever changed by the bloodshed.
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