Roaring Kitty returns with Chewy stake and facing lawsuit
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 1 July 2024
⏱️ 7 minutes
🧾️ Download transcript
Summary
Show Notes
AI megacap stocks face a tough valuation test this earnings season
Episode transcripts: seekingalpha.com/wsb
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis. |
| 0:09.0 | Good afternoon. Today is Monday, July 1st, and I'm your host Kim Kong. |
| 0:14.0 | Our top story so far. |
| 0:15.6 | Chui is rallying after Keith Gill, aka Roaring Kitty, disclosed a 245 million |
| 0:21.0 | dollar position in the online retailer. With his 9,000 shares, Gill holds a 6.6% stake. |
| 0:28.3 | The SEC filing by Roaring Kitty arrived just a few days after he published a mysterious picture of a dog on Twitter, |
| 0:34.4 | which led to rallies for Chui and the highly shorted Petco Health and Wellness Company. |
| 0:39.2 | Of course, Roaring Kitty has spoken favorably about Chui founder Ryan Cohen in the past in the contents of backing up his bullish thesis on Game Stop. |
| 0:47.0 | Other highly shorted stocks to watch for some extra volatility included children's place, beyond meat, True Panyon, Lemonade, Coals, Guess, Hurts Global, and Virgin Galactic. |
| 0:58.0 | In addition, Gill is facing securities fraud claims in a class action lawsuit over the recent flurry of |
| 1:04.0 | social media posts that saw the share price of Game Stop swing wildly in May and June. |
| 1:08.4 | The lawsuit was filed by Martin Radov on behalf of other investors that may have had losses from the Game Stop drama. |
| 1:15.0 | The suit alleges Gill engaged in a pump and dump scheme whereby one, shortly before his May social media post on X and unknown to investors quietly purchased a large |
| 1:24.8 | volume of GameStop call options on E-Trade at comparatively low prices. |
| 1:29.4 | Two, reignited the mean stock movement and pumped up the value of Game Stop Securities |
| 1:33.8 | with his first social media post on X in nearly three years. |
| 1:37.9 | Three, after the prices of Game Stop Securities had abated, |
| 1:41.2 | pumped up the value of Game Stop Securities again via a June 2nd post of his GameStop portfolio on Reddit, |
| 1:47.0 | disclosing his large position in GameStop securities, including 120,000 GameStop call options and 5 million shares of GameStop stock, and 4, by June 13th, |
| 1:57.2 | quietly sold and or exercised, i.e. dumped, all 120,000 of his GameStop call options for large profit, seemingly to increase his own stake in |
| 2:06.5 | gamesop stock by over 4 million shares, belatedly revealing as much to investors on June 13th during aftermarket hours. In today's |
| 2:15.2 | trading, stocks are slightly lower with volume expected to be low through the holiday |
... |
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