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Investigation announced for Investors who lost money with shares of GameStop Corp. (NYSE: GME)

06-18-2024 04:01 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation for investors in GameStop Corp. (NYSE: GME) shares over potential securities laws violations by GameStop Corp.

An investigation for investors in GameStop Corp. (NYSE: GME) shares over potential securities laws violations by GameStop Corp.

An investigation was announced for investors of GameStop Corp. (NYSE: GME) shares over potential securities laws violations by GameStop Corp.

Investors who purchased shares of GameStop Corp. (NYSE: GME), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether certain statements by GameStop Corp. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Grapevine, TX based GameStop Corp., a specialty retailer, provides games and entertainment products through its stores and ecommerce platforms in the United States, Canada, Australia, and Europe. GameStop Corp. reported that its Total Revenue declined from over $5.92 billion for the 12 months period that ended on January 31, 2023, to over $5.27 billion for the 12 months period that ended on January 31, 2024, and that its Net Loss of $313.10 million for the 12 months period that ended on January 31, 2023 turned to a Net Profit of $6.7 million for the 12 months period that ended on January 31, 2024

On June 3, 2024, the Wall Street Journal ("WSJ") published an article reporting that "E*Trade is considering telling meme-stock leader Keith Gill he can no longer use its platform after growing concerned about potential stock manipulation around his recent purchases of GameStop options, according to people familiar with the matter." The article reported that "[s]hortly before Gill reignited a meme-stock craze in May, he bought a large volume of GameStop options on E*Trade," and that "[t]his week, Gill posted screenshots of an E*Trade account showing he owns GameStop shares now valued at $140 million and a new set of options that expire later this month. His total gains on the positions were at $85.5 million, he posted late [on June 3], showing his account remained in operation." The WSJ article stated that "E*Trade and its owner Morgan Stanley" had "concerns [Gill] can pump up a stock for his own benefit" and are "debat[ing] whether his actions amounted to manipulation[.]" Finally, the article reported that "the Massachusetts securities division is looking into Gill's activities" and that "[t]he Securities and Exchange Commission has also been reviewing trading in GameStop call options around the time of Gill's social media posts[.]"

On June 17, 2024, GameStop Corp. hosted its annual shareholder meeting. Among other things, GameStop Crop CEO Ryan Cohen reportedly told investors that the videogame retailer plans to operate a smaller network of stores, but did not provide details on what it intends to do with its cash pile.

Shares of GameStop Corp. (NYSE: GME) declined from $48.00 per share on June 07, 2024, to $23.79 per share on June 17, 2024.

Those who purchased shares of GameStop Corp. (NYSE: GME) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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