- GameStop shares fell Monday as the meme stock faced another day of volatility.
- Markets reacted in part to news about Keith Gill, the trader known as “Roaring Kitty” who was a defining piece of the initial meme-stock craze of late 2020 and early 2021.
- Gill was revealed to have a 6.6% stake in online pet products retailer Chewy in an SEC filing Monday. He also faced a class-action lawsuit over allegations of a “pump and dump” scheme with GameStop shares, which was later dismissed.
GameStop (GME) shares fell 5.5% to $23.33 on Monday after news broke of a potential class-action lawsuit against Keith Gill, known as “Roaring Kitty.” The lawsuit, alleging Gill manipulated GameStop’s share price, was dismissed. However, the SEC and Massachusetts regulators are investigating his trading activities. Additionally, E*Trade and its parent Morgan Stanley are assessing whether his actions constitute market manipulation. Investors were also concerned about Gill’s new 6.6% stake in Chewy (CHWY), indicating a potential shift in his investment focus.
