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GME.US
id: 1275
GameStop (GME) Price Manipulation Case
E.D. New York
Court1:24-cv-04608
Case number05/13/2024
Class period Start06/13/2024
Class period EndThe complaint alleges that the major shareholder and influencer, Keith Patrick Gill, engaged in a pump-and-dump scheme involving GameStop stock.
He secretly bought a large number of GameStop call options at low prices before posting on social media on May 12, 2024, which boosted the stock's value.
After the prices dropped, he again posted on June 2, 2024, showing his large GameStop holdings, causing the stock to rise again.
By June 13, 2024, he sold all his call options for a big profit and increased his GameStop stock holdings by over 4 million shares, only revealing this to investors after the fact.
This manipulation allegedly led to significant financial losses for other investors.
Case Status
Voluntary Dismissed
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Omissions
Suspected Party
Shareholder,
Influencer
Security Type
Stocks
Trade Direction
Long
Shock Event Date
05/13/2024
Filing date
06/28/2024
Judge
Frederic Block