What Traders Need To Know About GameStop And Naked Short Selling
Melanie Schaffer, 03 June 2021
This week and last, AMC was targeted again and its shares skyrocketed 496% between May 24 and June 2 before retracing Thursday.
What Happened: The squeeze in GameStop was caused by retail and institutional traders rushing into the stock, and some hedge funds covering their short positions, which drove the price up to astronomical levels. Robinhood and a number of other brokers then restricted trading and caused an illiquidity event that dropped its stock down almost 90% over the following nine days. Continue reading “Article: What Traders Need To Know About GameStop And Naked Short Selling”
Wells Fargo Can Appeal Cert. Order In Overtime Suit
Max Kutner, 21 April 2021
Wells Fargo can challenge in the Third Circuit part of an order directing it to produce contact information for thousands of workers involved in a proposed collective and class action alleging off-the-clock overtime, a Pennsylvania federal judge has ruled.
In a memorandum order Tuesday, U.S. District Judge Robert J. Colville agreed to certify Wells Fargo’s interlocutory appeal of a March 15 conditional certification order, which required the bank to provide contact information for sending notice to thousands of home mortgage consultants with arbitration agreements. The judge said a question of law existed about whether the arbitration issue should come up during conditional certification or at a later stage. Continue reading “Article: Wells Fargo Can Appeal Cert. Order In Overtime Suit”
Class Action Lawsuit Filed Against ‘Roaring Kitty’ After GameStop Short Squeeze: What You Need To Know
Melanie Schaffer, 17 February 2021
Lawsuits related to the Gamestop Corporation GME 0.1% short squeeze have been stacking up following the volatile trading in the stock in January.
Keith Patrick Gill, viewed by many as the leader of the debacle, is now facing a class action lawsuit. What Happened: On Tuesday, the law firm Hagens Berman announced that it has filed a securities class action suit against Gill in U.S. District Court, accusing him of “price manipulation of GameStop stock.”
Gill is known as “Roaring Kitty” on YouTube and DeepF*ckingValue on Reddit. In prepared remarks Gill plans to deliver to the U.S. House Committee on Financial Services on Thursday, he denies wrongdoing.
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