GameStop investor retracts suit accusing Roaring Kitty of pump-and-dump scheme
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Keith Gill-the meme stock influencer known as "Roaring Kitty" and "DeepF-Value" who has rallied millions on X and Reddit behind GameStop-briefly faced a lawsuit claiming that he knowingly deceived his loyal followers to reap millions of dollars in gains. The lawsuit was voluntarily dismissed by the plaintiff, Martin Radev, on July 1.
The proposed class action was filed Friday by Radev, a GameStop investor who accused Gill of a "pump-and-dump scheme" that allegedly artificially raised prices of GameStop securities between May 13 and June 13. As a result, perhaps thousands of investors were harmed, including Gill's followers, Radev's complaint alleged, while speculating on the class size. On Monday, Radev asked the court to dismiss the lawsuit without prejudice.
Radev's complaint followed reports that E-Trade was considering banning Gill for suspected stock manipulation but reportedly feared backlash from Gill's so-called meme stock army. According to the aggrieved investor, Gill's scheme allegedly worked like this: