GameStop virtual shareholder meeting postponed after technical difficulties Thursday
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Stoppage of play (NYSE:GME) the stock is down around 4.5% today after technical difficulties led to the postponement of yesterday’s general meeting to June 17.
GameStop was supposed to hold its virtual annual shareholder meeting on Thursday, June 13 at 10:00 a.m. Eastern Time. However, due to issues with the third party hosting site, the meeting has been rescheduled for Monday, June 17 at 12:30 p.m.
No business was discussed at this week’s meeting. According to Computer sharing (OTCMKTS:CMSQY), the host in question, the technical problem prevented some investors from participating in the call, and the meeting ended quite quickly as soon as the broadcast was made.
Apparently, the technical glitch was due to “unprecedented shareholder demand” and corresponding traffic from those trying to access the meeting.
Reasonably, GameStop is back in vogue on Wall Street after Keith Gill, or “Roaring Kitty,” began posting about the stock on social media again after a multi-year hiatus.
Since then, traders have been browsing GME stock. In fact, over the past month, the stock has seen an average trading volume of more than 83 million shares per day.
GME Stock Continues to Fluctuate as ‘Roaring Kitty’ Continues to Tease Investors
Since Gill returned to publishing on GameStop in May, the stock has been on a virtual roller coaster. Indeed, Gill began posting again on his X account, formerly Twitter, on May 13. A day later, on May 14, GME soared 180%. The stock has since fallen somewhat but remains in the green at 66% since the start of the year.
Gill has been criticized for some of his social media posts, many of which reveal his significant stakes in the company. According to his latest E-Trade portfolio screenshot, Gill owns approximately 9 million shares of GME.
Some believe Gill’s publication could amount to stock market manipulation. However, many lawyers say a regulator is unlikely to take action against him.
“What he’s doing is exploiting a loophole in the rules,” said Daniel Hawke, a partner at Law Offices of Arnold & Porter Kaye Scholer and former head of the Securities and Exchange Commission’s Market Abuse Unit. “He uses his fame and influence to get people to buy stocks. Current rules do not permit the SEC to pursue this behavior unless there is an element of deception.
As of the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in any securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com’s publishing guidelines..
