Keith Gill is facing a new class-action lawsuit stemming from his recent social media posts. However, a lawyer says the case is likely “doomed” to fail.
Keith Gill, a stock trader known for the 2021 GameStop short-squeeze, is facing securities fraud claims in a class-action lawsuit over a recent spate of social media posts that saw the price of GameStop (GME) stocks whipsaw violently between May and June.
However a former federal prosecutor believes the lawsuit is likely “doomed” to fail.
Filed on June 28 in the Eastern District of New York, the complaint intends to sue Gill for orchestrating a “pump and dump” scheme with a series of social media posts beginning May 13.