Boston, Massachusetts – A class-action lawsuit against Keith Gill, also known as Roaring Kitty, was abruptly withdrawn just one business day after it was filed. The lawsuit alleged that Gill’s social media activities had manipulated the price of GameStop (GME) stock, resulting in personal financial gains for him.
The case, Radev v. Gill, was swiftly dismissed on Monday, following the issuance of a summons to Gill requiring a response within 21 days. The plaintiffs’ attorneys decided to drop the lawsuit without prejudice, signaling a sudden change of course in the legal action against Gill.
This development comes amidst the ongoing saga of Keith Gill’s involvement in the stock market, particularly his role in the volatile surge of GameStop stock earlier in the year. Gill, a prominent figure in the “meme stock” movement of 2021, had attracted widespread attention for his online presence and influence on retail investors.
The lawsuit had detailed Gill’s social media activities, including his return to Twitter and Reddit, and attempted to draw connections between his online posts and the fluctuating performance of GME stock. Allegations of market manipulation and violations of federal securities laws were raised in the lawsuit, claiming that Gill’s actions had led to financial losses for investors who bought GameStop securities at artificially inflated prices.
Despite the dismissal without prejudice, there remains the possibility of the lawsuit being refiled against Gill in the future. Meanwhile, Gill has shifted his focus from GameStop to online pet food retailer Chewy, disclosing his acquisition of 9 million shares in the company last month.
Requests for comments from both Keith Gill and the plaintiffs’ law firm have so far gone unanswered. The abrupt withdrawal of the lawsuit adds another intriguing chapter to the ongoing narrative surrounding the controversial figure of Roaring Kitty and his impact on the stock market.