‘Roaring Kitty’ Reddit investor sued over role in GameStop stock surge
One of the principal figures in a group of Reddit investors who drove a huge surge in GameStop’s share price in January is being sued in federal court, in a class-action complaint alleging securities fraud. The lead plaintiff, a Washington state investor, suffered “substantial financial losses,” when he used $200,000 to make a short-selling speculation against GameStop’s price, when the company’s stock was below $100. It then went skyrocketing to a record closing price of $347.51 on Jan. 27, in a story that caught mainstream media’s fascination for more than a week.
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