18 thoughts on “Is turnabout fair play?

  1. Quicksand says:

    “20-year-old Alex Kearns took his own life last June mistakenly believing he’d lost nearly $750,000 in a risky bet on Robinhood, the stock-trading app where he started trading as a teenager.
    His parents plan to file a lawsuit, first obtained by CBS News, on Monday accusing Robinhood of wrongful death, negligent infliction of emotional distress and unfair business practices.
    While the company’s stated mission is to stand up for the little guy and “democratize finance,” Alex’s mother and father say in the lawsuit that Robinhood targeted young and inexperienced customers, then pushed them to engage in risky trading practices. And when those investors needed help – as Alex did the day he died – Robinhood provided no “meaningful customer support,” the suit says.” https://www.cbsnews.com/news/alex-kearns-robinhood-trader-suicide-wrongful-death-suit/

  2. Keepsies says:

    (03:45 PM ET 02/18/202): GameStop showed the true value of a loss-cutting sell rule, as shares lopped off another 5% to trade as low as 43.22. That represents a 91% free fall from its wallstreetbets brigade-juiced all-time high of 483. https://www.investors.com/market-trend/stock-market-today/gamestop-falls-91-percent-from-2021-peak-dow-jones-cuts-losses-growth-stocks-break-out/
    Loss-cutting sell rule: https://www.investors.com/how-to-invest/investors-corner/still-the-no-1-rule-for-stock-investors-always-cut-your-losses-short/

  3. p/s says:

    Keith Gill (AKA: Roaring Kitty” and “DeepF***ingValue), who spent half a year making videos and ‘sharing information about investing’, was sued Wednesday in federal district court in Massachusetts for his alleged role in manipulating the stock prices of GameStop. https://www.enterprisenews.com/story/business/finance/2021/02/18/keith-gill-gamestop-gme-stock-market-shares-reddit-iovin-lawsuit-class-action-damages-mass-mutual/6784673002/
    Class action complaint: https://drive.google.com/file/d/1OhIPS4faBrjXX0JhiRm2FhxFSCTLLo5V/view

  4. Keepsies says:

    “Gamestop Corp (GME.N) chief executive George Sherman can step down this summer with a $179 million windfall that dwarfs CEO salaries at many larger corporations thanks to a sweetheart deal that was turbocharged by this year’s furious meme stock rally, compensation experts said.
    …Other GameStop employees will not share in Sherman’s windfall. The retailer has been shuttering hundreds of stores, according to securities disclosures.” https://www.reuters.com/technology/how-sweetheart-deal-gives-gamestop-ceo-179-mln-goodbye-gift-2021-04-21/

    • 3Card Monte says:

      E-Waste, a shell company linked to a nearly $100 million company that owns just one New Jersey deli, announced Tuesday it will enter into a reverse merger with a privately held electric vehicle corporation called EZRAider Global Inc.
      E-Waste, which itself has a sky-high market capitalization of $110 million despite having no business operations, had been marketed along with deli company Hometown International for such a reverse merger or similar transaction. https://www.cnbc.com/2021/06/01/e-waste-company-linked-to-new-jersey-deli-announces-reverse-merger.html
      But wait, there’s more – read the small print in E-Waste’s filing Tuesday with the SEC that details the series of transactions that will underlay its reverse merger with EZRaider.

  5. Odds-on favorite says:

    Hedge Fund That Shorted GameStop Shuts Down : While a long list of firms collectively lost tens of billions of dollars betting against Gamestop, White Square is the first to close its doors. https://www.vice.com/en/article/z3xzd8/hedge-fund-that-shorted-gamestop-shuts-down
    “At its peak, White Square had $440 million in assets under management, but suffered double digit percent losses on its positions shorting Gamestop. The Financial Times reported the fund insisted its closure was unrelated to the rally, and a person close to the fund told the paper that it had earned back “a fair share” of the losses. Thanks to a short squeeze orchestrated in part by Wall Street Bets and hordes of online retail investors, firms shorting Gamestop in anticipation of the stock’s fall suffered collective billions of dollars in losses as the price shot from $20 to nearly $500 early this year. Other big funds that suffered major losses on bets against GameStop include Melvin Capital, Light Street Capital, and short seller Citron.”

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