お知らせ • Jul 01
Pomerantz Law Firm Announces the Filing of a Class Action on Behalf of Investors of GameStop Corp. Securities
Pomerantz LLP announced that a class action lawsuit has been filed on behalf of investors of GameStop Corp. (“GameStop” or the “Company”) (NYSE: GME) securities. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 24-cv-04608, is on behalf of a class consisting of all persons and entities other than Defendant that purchased or otherwise acquired GameStop securities between May 13, 2024 and June 13, 2024, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendant’s violations of the federal securities laws and to pursue remedies under Sections 9(a), 9(f), 10(b), and 20A of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5(a) & (c) promulgated thereunder, against Defendant. If you are a shareholder who purchased or otherwise acquired GameStop securities during the Class Period, you have until August 27, 2024 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. GameStop is a specialty retailer that provides games and entertainment products through its stores and ecommerce platforms in the U.S., Canada, Australia, and Europe. GameStop’s principal executive offices are located at 625 Westport Parkway, Grapevine, Texas 76051. The Company’s Class A common stock trades in an efficient market on the New York Stock Exchange under the ticker symbol “GME.” Defendant was a key figure in the so-called “meme stock” movement, which saw shares of GameStop and a handful of other companies surge as much as twenty-one-fold over two weeks in January 2021 before crashing to pre-surge levels in the subsequent days. Meme stocks are stocks that gained viral popularity on discussion threads on social media platforms like Reddit and X, where online communities of retail investors dedicated their attention to particular stocks, sometimes for purposes of initiating a squeeze on short investors and hedge funds, and other times based on genuine beliefs about a company’s prospects. Defendant’s ability to rally a massive following of retail investors to purchase and hold GameStop securities through his social media posts is well-documented. In 2021, after the meme stock movement sparked chaos in the financial markets as major hedge funds and others lost billions of dollars in short-squeeze events, Defendant testified before the U.S. House Committee on Financial Services about the meme stock movement as the perceived champion and face of that movement for GameStop investors. In fact, Defendant is largely credited as sparking the meme stock movement and, in 2023, a biographical film called Dumb Money was released chronicling these events and Defendant’s subsequent rise to celebrity status. Defendant’s last post on Reddit in 2021 showed that his GameStop positions were worth approximately $30 million. Defendant made his fortune as an investor largely, if not entirely, as a result of his participation in the 2021 meme stock movement. On May 12, 2024, for the first time in nearly three years, Defendant made a post on the social media platform X, which took the form of a meme showing a “gamer”—that is, an individual that plays video games—in a suit, leaning forward in his chair in seeming concentration and/or attention. As reported by multiple news outlets, this meme was widely understood by Defendant’s followers, analysts, and others to mean that Defendant was watching and/or following GameStop’s performance. Over the next few days, Defendant posted a series of subsequent memes on X—largely taking the form of video clips with a battle or fight theme from popular movies and television shows, overlaid with text or other graphics—that were similarly understood to generally reflect Defendant’s renewed interest in GameStop.