NEW YORK, NY / ACCESSWIRE / June 17, 2024 / Pomerantz LLP is investigating claims on behalf of investors of GameStop Corp. ("GameStop" or the "Company") (NYSE:GME). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns potential securities fraud or other unlawful business practices in connection with trading in GameStop securities.
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On June 3, 2024, the Wall Street Journal ("WSJ") published an article reporting that "E*Trade is considering telling meme-stock leader Keith Gill he can no longer use its platform after growing concerned about potential stock manipulation around his recent purchases of GameStop options, according to people familiar with the matter." The article reported that "[s]hortly before Gill reignited a meme-stock craze in May, he bought a large volume of GameStop options on E*Trade," and that "[t]his week, Gill posted screenshots of an E*Trade account showing he owns GameStop shares now valued at $140 million and a new set of options that expire later this month. His total gains on the positions were at $85.5 million, he posted late [on June 3], showing his account remained in operation." The WSJ article stated that "E*Trade and its owner Morgan Stanley" had "concerns [Gill] can pump up a stock for his own benefit" and are "debat[ing] whether his actions amounted to manipulation[.]" Finally, the article reported that "the Massachusetts securities division is looking into Gill's activities" and that "[t]he Securities and Exchange Commission has also been reviewing trading in GameStop call options around the time of Gill's social media posts[.]"
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
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SOURCE: Pomerantz LLP
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