Odaily Planet Daily News Keith Gill (Roaring Kitty), a stock trader who became famous for the GameStop short squeeze in 2021, recently faced securities fraud charges in a class action lawsuit due to a series of social media posts that caused GameStop (GME) stock prices to fluctuate sharply between May and June. However, a former federal prosecutor believes that this lawsuit is likely doomed to fail. On June 28, the lawsuit was filed in the Eastern District of New York, accusing Gill of planning a "pump and dump" plan through social media since May 13, failing to fully disclose his GameStop option transactions, misleading followers and causing investors to lose money. Plaintiff Martin Radev said he was harmed by the "pump and dump" behavior. Gill posted a post on May 13 after ending his two-year social media silence, causing the stock price to soar. On June 2, he disclosed a large number of holdings on Reddit, pushing up the stock price again, and revealed that he had exercised all call options to realize millions of dollars in profits. The complaint accuses Gill of failing to disclose his intention to sell options in advance, misleading the market and causing investors to lose money. But Eric Rosen, a former federal prosecutor and founding partner of the law firm Dynamis LLP, believes that the lawsuit was doomed to fail from the start because the allegation that Gill should disclose the intention to sell options does not stand up in court, and the plaintiff is only trying to profit from the impact of Gill's posts on prices, not the content of the posts. Rosen said that proving fraud requires proving that the fraudster has lied outright or deliberately concealed important information, and Gill's social media posts are not statements containing information that can be proven or refuted. (Cointelegraph)