Yahya 
Just three days after filing his case, a GameStop (GME) investor who sued Keith “Roaring Kitty” Gill abandoned his action for claimed securities fraud.
Sudden Dismissal and Potential for Future Action
Martin Radev, the plaintiff, abandoned the lawsuit on June 1 after Eastern District Court of New York received a voluntary request to dismiss. The complaint was withdrawn “without prejudice,” meaning Radev is free to bring a comparable action once again going forward. First filed on June 28, the complaint claimed Gill had used his social media power to coordinate a “pump and dump” operation meant to artificially raise GameStop share prices for his own gain, hence generating investor losses.
This Might Interest You: Binance Announces Updates to Monitoring Tags for Multiple Tokens
Gill’s Recent Activities and Market Impact
Radev said Gill had engaged in securities fraud by not telling his associates and other GME investors he intended to sell 120,000 call options of GME before their June 21 expiry date. Although the lawsuit was suddenly dismissed, Eric Rosen, a founding partner at Dynamis LLP and former federal prosecutor, expected this. Rosen said in a June 30 blog post that the lawsuit hinged on three basic claims that a “well-crafted” petition to dismiss from Gill could readily dismiss.
Gill, who was key in the 2021 GameStop short squeeze, unexpectedly returned to social media on May 13 and posted a series of cryptic memes that caused notable fluctuation in the price of GameStop. Gill posted 120,000 GME call options with a June 21 expiration date on Reddit early in June. Before their expiration, he exercised these options and added another 4 million GME shares to his portfolio using the gains.
Most recently, Gill bought nine million shares in the Chewy pet shop located in the United States, therefore holding a 6.6% ownership portion in the company. While some analysts feel Gill could be getting ready for another GameStop-style short squeeze with Chewy, others think the attention his acquisitions will be enough to raise the price of the company.
Click here to get the latest news from Coin Engineer!