GameStop investor Martin Radev swiftly withdrew his lawsuit against Keith Gill, also known as Roaring Kitty, just three days after initially filing it. The case, filed on June 28 in the United States District Court for the Eastern District of New York, was dropped “without prejudice,” allowing Radev the option to refile it in the future.
Radev’s lawsuit had accused Gill of orchestrating a “pump and dump” scheme through his influential social media presence, allegedly inflating GameStop’s stock price for personal gain without disclosing his plan to sell call options. However, legal analysts, including Eric Rosen of Dynamis, suggested that Radev’s claims faced significant challenges and could be easily dismissed.
Gill, known for his role in the GameStop short squeeze of 2021, recently returned to social media after a hiatus, triggering volatility in GameStop’s stock with cryptic memes and disclosures about his trading activities. He notably exercised 120,000 GameStop call options and reinvested profits into acquiring four million more shares of the company. Gill also made headlines for purchasing a significant stake in Chewy, prompting speculation about his future market moves.
Despite initial legal action, the abrupt withdrawal of Radev’s lawsuit leaves questions about the motivations behind the case and its potential implications for ongoing scrutiny of Gill’s market activities.