Meme-stock hero Ryan Cohen faces Bed Bath & Beyond shareholder lawsuit over emoji-fueled rally
Ryan Cohen will have to face a securities fraud lawsuit from Bed Bath & Beyond shareholders, as the meme-stock hero's use of a single emoji could hold him liable for securities fraud, a federal judge ruled last week.
"In the meme stock 'subculture,' moon emojis are associated with the phrase 'to the moon,' which investors use to indicate that a stock will rise,'" Washington DC district judge Trevor McFadden said in a ruling last Thursday."So meme stock investors conceivably understood Cohen's tweet to mean that Cohen was confident in Bed Bath and that he was encouraging them to act.
Cohen purchased the shares of the now-bankrupt retailer when the price of the stock was in the range of $13-$17, according to Securities and Exchange Commission filings, and sold his entire stake when the stock price jumped to $30 in August. Shortly after Cohen's sale, the stock plummeted to just $0.30 per share.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Bed Bath & Beyond officially closed in Columbia Heights – Burlington Coming - PoPville3100 14th Street, NW A tipster reported to me last month: 'Burlington is taking over the Bed Bath and Beyond Space in Columbia Heights -- they won the rights in a real estate bankruptcy auction.' The Washington Business Journal reported: 'Burlington to replace Bed Bath & Beyond in Columbia Heights' Stay tuned.
Baca lebih lajut »
Michael Cohen issues warning to Carlos De Oliveira after Trump indictmentTrump's former attorney urged Carlos De Oliveira to 'run' from the former president if he wants to avoid going to jail.
Baca lebih lajut »
This Mets surrender feels worse with Steve Cohen in chargeWasn’t this the exact dynamic Steve Cohen was supposed to change?
Baca lebih lajut »
Tips for a good night's rest for returning to school routine includes showering before bedABC13 spoke with a sleep expert who gave us a lesson on how to trick your internal clock to go to bed early.
Baca lebih lajut »