GME - GAMESTOP ALERT: Bragar Eagel & Squire P.C. Announces that a Class Action Lawsuit Has Been Filed Against GameStop Corp. and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, July 03, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against GameStop Corp. ("GameStop" or the "Company") (NYSE:GME) in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased or otherwise acquired GameStop securities between May 13, 2024 and June 13, 2024, both dates inclusive (the "Class Period"). Investors have until August 27, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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GameStop is a specialty retailer that provides games and entertainment products through its stores and ecommerce platforms in the U.S., Canada, Australia, and Europe. GameStop's principal executive offices are located at 625 Westport Parkway, Grapevine, Texas 76051. The Company's Class A common stock trades in an efficient market on the New York Stock Exchange under the ticker symbol "GME."
Defendant Keith Patrick Gill, known as "Roaring Kitty" on YouTube and the social media platform X (f/k/a Twitter), as well as "DeepF***ingValue" ("DFV") on the social media platform Reddit, is an American financial analyst and investor, as well as former financial analyst for Massachusetts Mutual Life Insurance Company, also referred to as "MassMutual." Defendant is also a former registered stockbroker who holds several securities-industry licenses, as well as one of GameStop's largest shareholders. As of June 2024, Defendant had over 1.6 million followers on X, 982,000 subscribers on YouTube, 116,000 members on his personal subreddit "r/roaringkitty" (ranked "Top 2%" in size among top Reddit communities), and 200,000 members on his personal subreddit "r/DeepF***ingValue."
Defendant was a key figure in the so-called "meme stock" movement, which saw shares of GameStop and a handful of other companies surge as much as twenty-one-fold over two weeks in January 2021 before crashing to pre-surge levels in the subsequent days. Meme stocks are stocks that gained viral popularity on discussion threads on social media platforms like Reddit and X, where online communities of retail investors dedicated their attention to particular stocks, sometimes for purposes of initiating a squeeze on short investors and hedge funds, and other times based on genuine beliefs about a company's prospects.
Defendant's ability to rally a massive following of retail investors to purchase and hold GameStop securities through his social media posts is well-documented. In 2021, after the meme stock movement sparked chaos in the financial markets as major hedge funds and others lost billions of dollars in short-squeeze events, Defendant testified before the U.S. House Committee on Financial Services about the meme stock movement as the perceived champion and face of that movement for GameStop investors. In fact, Defendant is largely credited as sparking the meme stock movement and, in 2023, a biographical film called Dumb Money was released chronicling these events and Defendant's subsequent rise to celebrity status.
Defendant's last ...