Shares of GameStop (GME) - Get GameStop Corp. Class A Report were rising Thursday ahead of the House Financial Services Committee hearing that will examine what happened with the videogame retailer’s shares during the gamma squeeze trading frenzy last month.
Testimonies from Keith Gill, aka "Roaring Kitty", who heavily promoted GameStop on Reddit’s WallStreetBets forum, Robinhood Markets CEO Vladimir Tenev, Melvin Capital CEO Gabriel Plotkin, Reddit CEO and co-founder Steve Huffman among others, will be heard.
Last month, the heavily shorted stock rose more than 1,700% from Jan. 1 through Jan. 27 as retail investors on Reddit's WallStreetBets pushed shares of the company higher.
The Reddit frenzy was an attempt to force hedge funds and other large investors to abandon their short positions -- bets that stock prices will decline -- in companies like GameStop and AMC Entertainment (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report.
On Tuesday, a lawsuit filed in the U.S. District Court in Massachusetts alleged that Gill misrepresented himself as an amateur investor and profited by artificially inflating the price of the stock of the Grapevine, Texas video game retailer.
The plaintiff in the action, which requests class-action status representing investors in the case, is Christian Iovin of Washington state.
Watch the GameStop-Robinhood Hearing Live
You can watch the Congressional Hearing focused on the GameStop retail trading frenzy starting at noon today from the U.S. House Committee on Financial Services in the video below. The video will begin around noon.