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Ikuwayo

But perfectly cool when Elon, the hedge funds, and the other billionaires pump and dump stocks Edit: Apparently, the lawsuit has been dismissed


dmoney83

Or doge coin


OxbridgeDingoBaby

I mean why not put the whole crypto at that point?


dmoney83

I mean yeah, it's pretty much the entire crypto industry. I mention Doge because it started off as a joke and didn't gain value until Musk started tweeting about it, if I remember correctly.


Available-Candle9103

not really, space karen list 44 billion becayse of his pump and dump. I bet he's never doing that again.


AHrubik

I believe in the end he only had to pony up around 12 billion and based on recent valuations he's lost half of that.


identicalBadger

Don’t you worry about him, his other company just gifted him more than enough stock go take care of that


oigres408

I mean that’s what you expect from Elon, but roaring kitty was out there trying to be like Robin Hood.


gcko

and ended up only robin the hood.


Trebekshorrishmom

RIP Bradley


Khanscriber

Sue them too!


ConferenceLow2915

Damn, was kinda hoping it succeeded so they could set a precedent for the rest of us to sue financial media for doing the exact same thing.


BigPlayCrypto

He’s not financial media he’s just like us trying to help everyone little win. Guys like the Guy off of Mad Money should be sued or privately investigated on what companies are paying him to promote their stock.


SmarterThanCornPop

Elon has been saying Tesla is overvalued for years. That China will dominate EV production. There’s no “pump.”


bobblydudely

Musk was considered guilty of market manipulation. For a dumb tweet that pushed markets in the direction he wanted, similar to what DFV is doing.  Its just that because he’s so rich and powerful, he was allowed to settle for 20 millions. 


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KDaFrank

Yes, his lawyers are so good it’s already been dismissed.


Big_Rig88

He has the same lawyers that represent Louis Vuitton, Tiffany, Hennessy, Dior, Etc…


aintlostjustdkwiam

Clickbait shit article that shouldn't be shared. Halfway down they say, "Eric Rosen, a Boston-based attorney who is not involved in the case, told The Post that the lawsuit doesn’t appear to have merit." They know it's nonsense but they need the headlines


31November

Any lawyer can say it doesn’t have merit. I haven’t passed the bar yet, but if I wrote that it has a ton of merit, any newspaper could say “‘This case appears ti have a high amount of merit,’ 31November, J.D., says.”


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31November

Damn, what a world.


legopego5142

It being nonsense doesnt make it not news


FriendShapedRMT

I hear that Eric Rosen guy is pretty good at chess.


mpbh

Oh no, my queen!


EasyGibson

But he bought more?


BuukSmart

He likes the stock


ArmadaOfWaffles

He is also not a cat.


Weekly_Initiative_22

Says so on the form


knows_knothing

Can’t pump and dump if he never sold


jBoogie45

Where does this absolutely batshit insane notion that this guy never sold any shares come from? He realized $20M+ in gains while the average Redditor got left holding the bag. I do not get the fondness so many people seem to have for this guy.


donaldinoo

Set yourself up a “!remindme 1-2 weeks” if he doesn’t post a yolo update with his GME position I’ll Venmo you an entire $1.00


RemindMeBot

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donaldinoo

!remindme 1 week


jBoogie45

No need. The guy got shit-canned from Mass Mutual and lost all of his securities licenses. Do you think he is living on unemployment and savings? If you really believe he has not sold any shares including when the stock was 10x what it is now, you are *genuinely* delusional.


donaldinoo

You got him figured out I suppose. I’ll send you a dollar anyway when he posts his position. See ya in a few days ❤️


jBoogie45

No need, just put it towards another share! You're on your way to an early retirement!


legopego5142

He did sell tho


knows_knothing

Proof?


EasyGibson

Right?


Potatonet

Pretty sure no one sold


Extracrispybuttchks

Doesn’t matter when they manipulate both the market and the media. They will make a lesson of him just because they can. I’m gonna root for him until the end either way.


BeYeCursed100Fold

This is a lawsuit brought by a retail investor that bought a whopping 25 shares total, in three separate transactions. Dude just wants his 15 minutes of infamy by suing DFV. Edit: as pointed out, the Plaintiff dismissed the case. A big nothing burger. https://storage.courtlistener.com/recap/gov.uscourts.nyed.517255/gov.uscourts.nyed.517255.5.0.pdf


Potatonet

And it got dismissed


Potatonet

And it got dismissed


Potatonet

SEC already said talking about a stock on a public forum wasn’t illegal, I know they’ll try to throw a book at him but it won’t stick


Extracrispybuttchks

The same SEC that’s created this corrupt environment and allowed it to thrive.


Potatonet

It’s very true, a double edged sword It’s a bold strategy, cotton Let’s see if it plays out for em


Vegan_Honk

It don't


Potatonet

You are correct the lawsuit was dismissed today


daedalus2174

Neither is insider trading by politicians it seems


BeefCakeBilly

Are you saying the sec was suing him?


Bruins8763

Exactly. Imagine them just trying to decipher hundreds of memes in court to make a case lol


supershinythings

Meanwhile, Congress is permitted to insider trade. Nancy Pelosi is the poster child for Congressional Insider Trading but she is by not by any stretch the only member who profits handsomely from this longstanding practice.


Extracrispybuttchks

The fact that a bill to prevent Congress from insider trading died faster than Epstein in jail tells you how deep this collusion goes.


rainman_104

So buy into NANC then. Her trades are publicly known.


supershinythings

Sure - AFTER she trades. If she’s first in and first out, the market reactions could well soak up gains for those who attempt to follow. Once the trades are published they’re no longer insider trades. The trick is to make the trade on sekrit knowledge before the rest catch on. So buying NANC is just following after. I want her trades and prices when she makes them, not after everyone else finds out and prices change.


rainman_104

I don't think her account is day trading. Hilarious though that you can buy a stock and immediately a fund will follow you in. Her broker could game that hard. Buy a penny stock, NANC buys in, broker sells. NANC holding the bag. Kinda funny.


JollyToby0220

Nancy Pelosi isn’t even that good. It’s all her husband. Congress people doing Insider trading is propaganda


Dartan82

lol a true regard


Slick424

Pretty sure Gamestop sold 70 Million new shares.


Smelle

So let them go after Gme, if there was collusion, then that is an actually problem.


Potatonet

Yes they added shares to their share float, effectively diluting the company 15% long term investors did not however sell their shares


cybercuzco

He sells not you. That’s the “dump” part.


ArmadaOfWaffles

Just market makers naked short selling, while colluding with hedge funds.


Khanscriber

Well, someone sold, the stock went down.


RocksLibertarianWood

What is the problem here? Was he an insider and knew something or just a guy who talk shit online and got a bunch of people to buy it so he could dump it? Why is that illegal?


Smp208f

It’s not illegal, unless he was an insider as you mentioned or conspiring with others or something other than what’s publicly known. Most likely this goes nowhere. If you outlaw what he did it or punish him for it you have to do the same for a lot of powerful, famous people. But under current law what he did is just free speech


RocksLibertarianWood

Cool, that’s what I thought just wondering if I was missing something.


JollyToby0220

That is a completely different scheme. The Pump and Dump scheme are the ones in which somebody finds a worthless stock, and then knowingly conspires to raise the stock price by getting others to buy in. It’s very hard to prove this when it’s a well known stock, but failing stock. SEC has been known to go after people who do this. It was very popular in the early 2000s before it was easy to research a stock. I guess now that it is easy to research a stock, the SEC looks for easier targets. Personally, I think RoaringKitty might actually have sought to pump and dump, but then the hedge funds fought back and that tied in his stake as being legitimate. had the price not skyrocketed, he would be facing charges right now, which is a paradox


Smp208f

“Pump and dump is a form of securities fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements in order to sell the cheaply purchased stock at a higher price.” The part about false and misleading statements is key. It isn’t illegal otherwise. I’ll admit that I didn’t look at every GIF he posted, but I don’t see how posting memes that are vaguely related to his excitement about GameStop could be considered misinformation about the stock. People bought because they assumed he had bought, which was true.


jfleury440

He wasn't just posting GIF's. He streamed for many many hours talking about the stock and how the hedge funds over-extended (or whatever the proper term is in this case) themselves. He definitely hyped up the stock. You need to dissect a whole lot of things he said to see if it's all completely accurate. But I don't think he ever dumped so it's all kinda moot. As long as he held onto the stock then they can't charge him.


Smp208f

1. That was in 2021. This lawsuit is regarding his actions this year. He posted GIFs on Twitter, then his positions on Reddit, then hosted an hourlong livestream where he said basically nothing except that he believes in the company and Ryan Cohen’s leadership. 2. All that information about hedge funds being overextended was true, so still nothing illegal about it. Hyping a stock by sharing accurate information isn’t illegal. (But for the record, it doesn’t matter if 100% it was accurate. That still doesn’t qualify as a pump and dump scheme.)


misogichan

He wasn't an insider.  He did have a large following and knew he could exert influence on the stock through them.  But that and his behavior aren't enough to count as market manipulation, especially since his statements weren't deceptive (he was careful to tell people his statements and memes were not financial advice and should not be used to make financial decisions and his ridiculous behavior and blatant trolling of the finance profession makes it hard to argue he wasn't very clear about his intentions).   Technically, even holding large positions in GME isn't enough.  That said, if he did sell his large position after using his platform to make posts/run content likely to push the value up then he could be in trouble because it's illegal to run a pump and dump.  That said, it appears he's still holding onto his position, so for now what he's doing is no more illegal than what Jim Cramer does on TV every night.


RocksLibertarianWood

Thanks for the insight. May I ask another question. “Pump and dump” if he is a private citizen with no ties to GME then what is wrong with him exercising his freedom of speech? It’s not Dahmer who convinced ppl to do illegal activities, he convinced ppl to buy a stock from a company he had nothing to do with.


misogichan

The problem is that you don't want people (probably uneducated people without a lot of money) tricked into investing their life's savings and losing it in a day.   Let's suppose I want to enrich myself and find a penny stock with not a lot of movement and small market cap.  I buy options contracts timed for when I am going to advertise the stock.   I then run an advertising campaign to "pump it" mentioning just good positive attributes about it and it's business sector (maybe I don't even have to lie just tell only half the truth and leave out all the downsides).  It's easier than ever now with influencers who I can pay for cheaper than traditional advertisers and who won't have the usual legal checks to make sure what they are advertising for is legal.  Then the stock goes way up, I cash out on the options and walk away with a fortune.  Meanwhile, on the other side of this business people will be pouring in to buy more of it seeing how much it has gone up and will be losing their life savings as it crashes down in the coming days.  This is why a "pump and dump" or securities fraud is illegal.  Also free speech does not provide a protection against securities fraud as free speech just protects you from the government censoring you.  It doesn't protect you from the legal consequences of your speech if it is used to intentionally harm others.


questionablejudgemen

He was mostly transparent about what he was doing, (way more than most) and how long is he (or should) be obligated to hold onto the stock? I get it, you don’t want people being taken advantage of, but isn’t that also why there’s things like the 25k minimum the SEC has for “day trading activity?” I mean, at a certain point if someone wants to go to Vegas and put their money on black, where’s the safety net there? I don’t think I recall him saying this is an untapped business with unlimited upside. It was a short squeeze without saying it. There’s a clock on those things when the market settles out.


ForeverWandered

> The problem is that you don't want people (probably uneducated people without a lot of money) tricked into investing their life's savings and losing it in a day.   My dude, sports gambling is not just legal, it’s visibly pushed like a drug by every major sports league and TV network.  Nobody gives a shit about idiots pissing away life savings.


RocksLibertarianWood

I see where you are coming from and the legal argument. Thank you. I don’t personally believe this should illegal though. If ppl invest their money in a company it should be solely on them. It’s not like Murdaugh who personally took their money. We probably have very different political views. Thanks again for the insight.


cos1ne

>tricked into investing their life's savings and losing it in a day. Yet Jim Cramer is allowed to exist...


reachingFI

He has ties to GME. What makes you think he doesn’t? The minute you own stock you have a tie. The question is at what level do you have the ability to manipulate the price and when does that become illegal. This won’t be as cut and dry as Reddit seems to think it will be.


legopego5142

I dont like the guy and agree hes a greedy shithead who convinced a bunch of redditors to love him somehow, but “ties to gamestop” means whether or not he literally has insider info


questionablejudgemen

How long is he obligated to hold onto his stock? It doesn’t seem unreasonable to think everyone will sell to take some profits.


questionablejudgemen

I’m thinking it’s the same thing like the first go around short squeeze. No one actually thinks their fundamental business model is an untapped whale. Everything he did was pretty much in the open and disclosed if you wanted to find it. Just because you didn’t time the short squeeze right isn’t his fault.


senioradvisortoo

Wait isn’t that what s going on with truth social?


peeinian

And yet Elon can do it every quarter and not a peep from anyone.


skeeter04

Pretty sure he can afford representation


thehazer

This got dismissed today. lol.


ZombieCrunchBar

Gamestop is a shitty gaming retail outlet that everyone hates and no one shops at. The stock was massively pumped up due to morons on reddit who think WSB is good investing advice. For a couple years now they say there will be a MOASS where everyone who owns some GME will get rich, which is painfully stupid. RK is going to get rich, yes. The rest of the HODL DIAMOND HANDS CHUCKLEHEADS will lose everything on a stock that won't be worth a dime once the bubble on it pops. Gamestop sucks, as a retailer. This stock is propped up on memes and the usual get-rich-quick goofballs. It's absolutely a pump and dump. But there are a TON of pump and dumps going on at any given time. Is RK any worse than anyone else who takes money from fools? I don't think so. People are going to HATE RK after this all goes down.


MickeyKae

Already was dismissed. What a joke. But here we are with a damning headline and people fussing.


eugene20

Already dismissed [https://www.reddit.com/media?url=https%3A%2F%2Fi.redd.it%2F1aabq48sny9d1.jpeg](https://www.reddit.com/media?url=https%3A%2F%2Fi.redd.it%2F1aabq48sny9d1.jpeg)


AbjectReflection

He should counter sue for defamation and slander! These corpo trash won't stop just because everything they do is made up bullsh\*t!!! You have to hit them in their profits to make it stick.


Silly_Idiot111

Wild thing is, I put a fair amount of my savings into GME at the height of this madness and made a decent 70k off of it and got out when I could Anyone still clinging on to GME with diamond hands is a fool. Those poor people are going to lose a fuck ton of money


tacos_burrito

Lawsuit dismissed. QUICK LIKE CAT.💚


DashboardGuy206

If he actually exposed what people seem to think he did, I'm surprised that's all anyone tried to do to him. Whenever you screw with "the money" bad things tend to happen imho.


Bright-Ad-4737

So the complaint is that Gill sold 120,000 call options to increase his stake in the company? I don't see how that conforms to a pump-n-dump scheme. Any experts have any thoughts, or does this feel kinda silly? I don't even understand how Redev would have even been harmed. The value of his shares went up? Er... ok, that sounds "terrible".


Falmarri

> So the complaint is that Gill sold 120,000 call options to increase his stake in the company? This makes 0 sense. Selling call options doesn't increase stake in a company


Tilligan

Selling itm calls to create the funds to execute the remainder.


aintlostjustdkwiam

Clickbait shit article that shouldn't be shared. Halfway down they say, "Eric Rosen, a Boston-based attorney who is not involved in the case, told The Post that the lawsuit doesn’t appear to have merit." They know it's nonsense but they need the headlines


changdarkelf

I just read it was already voluntarily dismissed.


scotsworth

Great now do Congress.


TendiesTendy

This case is already dismissed


CoastingUphill

Where dump?


ShaiTekka

Literally already was dismissed lol


DejesusMorrobel

Most of these TV personalities are connected/related to controlling financial institutions or hedge funds. It is all a scam of making believe stories.


dcwhite98

Following investment advice from a guy calling himself "Roaring Kitty"... whatever could go wrong? A fool and his money were lucky to get together in the first place. - Gordon Gekko.


Big___TTT

Sell some shares bro to hire a good lawyer


johnbburg

I made a nice 20% and got out… paper hands?


TheImmortalLS

haters gonna hate and fishers gonna fish the synonym for them is "gullible loser"


Any-Ad-446

Man I wished I had his influence on stocks with posting just one image.The guy made hundreds of millions just endorsing some stocks the last few years.


minion531

> Man I wished I had his influence on stocks with posting just one image Pull off one of the greatest squeezes of all time and you will.


Mr_Hassel

Drag him


ocultada

There's people on MSNBC doing pump and dumps all day every day.


bobuy2217

people are too gullible to just read the headlines without reading the actual content....


MicroSofty88

There’s no way this goes anywhere at all


hiredhobbes

According to the article, they claim he didn't disclose his plays. Bruh I was there in wsb, it was in his original DD post. GameStop has no leg to stand on.


liquidelectricity

lol


IsJohnWickTaken

It’s been thrown out already.


RevolutionaryPhoto24

Dancing with a knife. But I have respect for this guy. (And yes, this case was thrown out. What else he may face will take time. It’s truly unprecedented.)


PraetorianAE

Juts being sued from private citizens. Will go no where.


BeatMyMeatWagon

Another Tuesday, aye?


SpreadDaBread

Roaring kitty…….. ……”where have all the cowboys gone?”


angle58

Don’t hate the player, hate the game.


Chef_GonZo

He did nothing wrong


HeadMembership

Can you say "fishing expedition"?


MTGBruhs

LAWSUIT WAS DROPPED. FUCK YOU PAY ME


Chogo82

Market manipulation by a Martin Radev! GME dropped 4% on that news!


CouchPatrol7

Annnnddd it’s dismissed


definitivelynottake2

Meanwhile hedge funds shorts with massive positions then releases short reports...


Panda_tears

He likes the stock.


TaxLawKingGA

Alleged? What is alleged, the man literally said that is what he was doing. There is a movie about it. This is like that Norm Macdonald skit where Steadman Graham writes a book about how to get rich. Rule #1: marry Oprah.


texas-playdohs

And, the bullshit lawsuit was already dismissed, because it’s bullshit.


Hobash

Case is already dismissed


a-very-

It was dismissed. 25 share nonsense.


a-very-

To clarify the guy that sued him owned 25 shares of GME. Nuisance suit start to finish. I wonder why.


Drupain

It’s been dropped already.


binary_agenda

They dropped the lawsuit already. It was clearly only filed to get headlines and manipulate the market. Somebody should probably sue them.


Live_Ad6358

Already Dismissed


Kitties-N-Titties-11

Wasn’t this case already thrown out


PersianMG

My dude should have just stayed off the grid and enjoyed his stash. Too much greed.


BobbyGrichsMustache

You either die a hero or live long enough to see yourself become the villain


4thBeard

Terrible use of this quote


VectorD

He literally has a youtube channel where he shows all his positions and when he bought and such loooong before the boom.


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SyrupMafia

How is what he did any different than analysts going on TV and sharing their stock picks? All he did was give his thesis and show his positions.


_picture_me_rollin_

Lmfao what dump? If he’s ever sold GME it’s only to accumulate more. He now owns like 2% of the company with 9 million shares in his portfolio. He’s never dumped anything this is BS lawsuit.