He talks a good game. It will be interesting to see how this plays out, and whether he answers any questions at the hearing before the House committee. I'll bet that statement was written, or at least vetted, by a team of very highly paid securities lawyers. BMK
Unless Roaring Kitty manufactured false Game Stop news than he did nothing illegal. A few noobs lost shorting GME & hope to recover their loses from this frivolous law suite - extremely unlikely since they have no proof any laws were broken. Analysts routinely upgrade stocks & hype them up so that they can unload their position against the public - even this is totally legal. "The idea that I used social media to promote GameStop stock to unwitting investors is preposterous. I was abundantly clear that my channel was for educational purposes only, and that my aggressive style of investing was unlikely to be suitable for most folks checking out the channel. Whether other individual investors bought the stock was irrelevant to my thesis – my focus was on the fundamentals of the business. It’s worth noting that after five months of streaming, my final stream of 2020 topped out at just ninety-six concurrent viewers, with an average view duration of twenty-five minutes. On Christmas morning I had only 529 subscribers on YouTube, and 550 followers on Twitter. These numbers are tiny." RK
So he is being sued (that was kind of expected, since this is America, and nobody is responsible for their own stupidity): "The would-be plaintiff representing investors in the case, Christian Iovin of Washington state, sold $200,000 worth of call options on GameStop shares when the stock was below $100. The stock quickly eclipsed $400 a share, forcing him to buy the calls back at elevated prices." I say this moron's case should be thrown out by the judge. Looks like the dumbass sold naked calls... https://www.bloomberg.com/news/arti...-sued-for-securities-fraud-over-gamestop-rise
Yeah EXACTLY what I have been saying. The SEC's got NOTHING on him! The first three paragraphs, "before he went further", were basically him outlining how he disqualifies every single criterion, one by one, in the FINRA and SEC regulations about front-running and insider trading. And the rest is just violin-playing starting with his humble beginning, his mom being a registered nurse (one of the occupations who work on the front-line in the battle against COVID), very nice touch! He is just an average Joe who happened to like a stock, a stock that I have said many times myself here that is not too bad and creates nostalgia in the gaming community and he gave back to the community, supported his family even amidst the most difficult times during COVID. Yes I can see the tears... And most important of all, he showed he had losses too, not just like Harry Markopolous said "profit at 45 degree angle slope going up" and he is not the only one who believed positively in the stock and the company. Very well said indeed!! Glad he got some professional help in helping him preparing this testimony. And glad he advocated at the end for investigations into the market manipulative action of stopping the purchase of shares of a publicly-traded company. Sky is supposed to be the limit for stock prices, not when some clearinghouses deem it's too "risky" for them when they are holding the losing positions. When it's us retail traders who shorted call options, then of course our loss is unlimited just like any payoff diagrams would show. Goliath, the game is on!!! Let's see what kind of "sob story" that the hedge fund Melvin Capital, Gabe Plotkin has. So far, no good. He's a graduate of Northwestern University (one of the top universities in the USA) with an Economics degree (a professional financial degree) and is a recipient of insider information while working as a portfolio manager at SAC for Steven Cohen and was even named in one of the SEC investigations... https://en.wikipedia.org/wiki/Melvin_Capital.