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Home BUSINESS

Roaring Kitty Lawsuit Over GME and CHWY Securities Fraud Has Been Dismissed

Michael Juanico by Michael Juanico
July 1, 2024
in BUSINESS, FINANCE
Reading Time: 3 mins read
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  • The class-action lawsuit against Keith Gill (Roaring Kitty) was voluntarily dismissed by the plaintiff.
  • GameStop shares declined by more than 5% after Gill disclosed a 6.6% passive stake in Chewy Inc.
  • Citadel Advisors held a significant number of call and put options in Chewy Inc., raising questions about their involvement in the GameStop short-squeeze controversy.

Earlier this week, GameStop shares declined after Keith Gill, better known as Roaring Kitty, disclosed a large stake in Chewy. However, the video game retailer’s stock is now trading higher in after-hours trading following new developments in the saga surrounding Gill.

JUST IN: Lawsuit against Roaring Kitty (@TheRoaringKitty) for $GME and $CHWY securities fraud has been dismissed

— BlockNews.com (@blocknewsdotcom) July 1, 2024

Lawsuit Against Roaring Kitty Dropped

According to court documents, the class action lawsuit filed against Gill alleging stock manipulation has been voluntarily dismissed by the plaintiff without prejudice.

The lawsuit accused Gill of illegally driving up GameStop’s stock price through his social media activity under the pseudonym Roaring Kitty. However, the plaintiff has now opted to drop the case.

Chewy Connection

Gill’s link to Chewy has drawn attention given the pet supplies retailer’s ties to Citadel. Last week, Gill revealed a 6.6% passive stake in Chewy worth around $300 million.

Interestingly, Citadel Advisors held substantial call and put options on Chewy at the end of Q1 2022. Citadel Securities, meanwhile, was embroiled in the GameStop short squeeze saga last year over payment for order flow allegations.

During the frenzied trading in GameStop in early 2021, Citadel was accused of instructing broker Robinhood to halt trading of the stock. Citadel denied any wrongdoing.

GameStop, Chewy Shares Rise Slightly

Following the dismissal of the lawsuit, GameStop shares are up slightly in after-hours trading. Chewy stock is also trading marginally higher after the news.

While it’s unclear if the lawsuit dismissal will have any lasting impact, the latest twist continues the long-running GameStop saga. With Gill and Citadel both linked to Chewy, the connections between these companies remain complex.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: CHWYCitadelGameStopGMERoaring Kitty
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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