‘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.
Read more: https://www.polygon.com/2021/2/17/22287804/gamestop-stock-price-lawsuit-roaring-kitty-reddit-robinhood?source=Snapzu