Friday, October 22, 2021

Meme Stock Favorite GameStop Says Subject of SEC Investigation | Financial markets news

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GameStop is one of the few stocks that has been driven by Reddit traders investing based on social media buzz.

GameStop Corp., one of the popular “meme” companies whose shares have soared this year, said US securities regulators are studying trading in its shares.

The video game retailer said Wednesday that Securities and Exchange Commission staff contacted the company on May 26 for the voluntary production of documents and information related to the shares.

“We are in the process of reviewing the application and producing the requested documents and we intend to fully cooperate with the SEC staff regarding this matter,” the company said in a quarterly filing. “This investigation is not expected to negatively affect us.”

Since February, securities regulators have been combining social media and message board posts looking for signs that fraud played a role in the fast-paced stock market swings at GameStop, AMC Entertainment Holdings Inc. and other companies, they said. people familiar with the matter at the time.

GameStop is one of the few stocks that has been driven by Reddit traders investing based on social media buzz. Shares in the money-losing chain have gained 1,500% this year, closing at $ 302.56 on Wednesday.

The shares fell as much as 13% in extended trading after the company announced it could issue new shares, along with the hiring of two Amazon.com Inc. veterans for top leadership positions and first-quarter fiscal results.

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