According to the Complaint, GameStop Corp. is a specialty retailer that provides games and entertainment products through its stores and ecommerce platforms in the U.S., Canada, Australia, and Europe.

The Defendant, known as “Roaring Kitty” on YouTube and the social media platform X (f/k/a Twitter), is an American financial analyst and investor, as well as former financial analyst for Massachusetts Mutual Life Insurance Company. The Defendant is also a former registered stockbroker who holds several securities-industry licenses, as well as one of GameStop’s largest shareholders.

The Complaint alleges that during the Class Period, Defendant engaged in a pump-and-dump scheme, whereby he: (i) shortly before his May 12, 2024 social media post on X, and unknown to investors, quietly purchased a large volume of GameStop call options on E*Trade at comparatively low prices; (ii) on May 12, 2024, reignited the meme stock movement and pumped the value of GameStop securities with his first social media post on X in nearly three years; (iii) after the prices of GameStop securities had abated, pumped the value of GameStop securities again via a June 2, 2024 post of his GameStop portfolio on Reddit, disclosing his large position in GameStop securities, including 120,000 GameStop call options and 5 million shares of GameStop stock; and (iv) by June 13, 2024, quietly sold and/or exercised (i.e., dumped) all 120,000 of his GameStop call options for a large profit, seemingly to increase his own stake in GameStop stock by over 4 million shares, belatedly revealing as much to investors on June 13, 2024, during after-market hours. The Complaint further alleges that a result of Defendant’s wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.

Plaintiff voluntarily dismissed the case on July 1, 2024.