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NEW YORK, Jan. 28, 2021 /PRNewswire/ Pomerantz LLP announces that a class action lawsuit has been filed against Bit Digital, Inc. ( Bit Digital or the Company ) (NASDAQ: BTBT) and certain of its officers. The class action, filed in the United States District Court for the Southern District of New York, and docketed under 21-cv-00721, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Bit Digital securities between December 21, 2020 and January 8, 2021, inclusive (the Class Period ). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the Exchange Act ).
In the GameStop tug-of-war, bullish day traders appear to be winning over short-sellers
The video game retailer’s soaring stock price shows no sign of slowing today.
GameStop Corp.’s breathtaking ascent showed no sign of slowing Wednesday, with bullish day traders keeping the upper hand over short-sellers who started to capitulate.
The shares rose 157% to a session-high of $380 shortly after 11 a.m. in New York, leading to at least two volatility halts. The advance means the Grapevine-based video-game retailer’s market value has risen more than 20 times this month alone to about $26 billion, making GameStop bigger than more than a third of the companies in the S&P 500 Index.
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Credit Acceptance founder Donald Foss (center) was inducted into the NABD Buy Here Pay Here Hall of Fame in 2015.
As Reddit users and day traders continue to pump up the stock price of video game retailer GameStop Corp. (NYSE: GME), Southeast Michigan billionaire Donald Foss has emerged as one of the clear winners in the now days-long boom.
Foss, 76, was the founder of Southfield-based subprime auto lender Credit Acceptance Corp. (NASDAQ: CACC) and retired in 2017. A regulatory filing shows that on Feb. 28 Foss acquired just over 3.5 million shares of GameStop on a day when the stock closed at $3.60, a value of more than $12.65 million. Foss held about 5.3 percent of the company.
GameStop s steep rally lives another day as shorts give up
Paul Jarvis, Bloomberg News VIDEO SIGN OUT
GameStop Corp. had the biggest day yet of its dizzying rally, adding more than US$10 billion in market value, as bullish day traders kept the upper hand over short sellers.
The shares advanced 135 per cent to US$347.51 at the close Wednesday after triggering three volatility halts. The video-game retailerâs market value has risen more than 18 times this month to about US$24 billion, making GameStop bigger than almost half of the companies in the S&P 500 Index.
Euphoria born in day-trader chat rooms has turned GameStop into the biggest story of the retail era, its improbable surge an emblem of the newfound power of individual investors. At the same time, itâs become a major headache for institutional investors betting it would fall.
GameStop s steep rally lives another day as shorts give up
Paul Jarvis, Bloomberg News VIDEO SIGN OUT
GameStop Corp. had the biggest day yet of its dizzying rally, adding more than US$10 billion in market value, as bullish day traders kept the upper hand over short sellers.
The shares advanced 135 per cent to US$347.51 at the close Wednesday after triggering three volatility halts. The video-game retailerâs market value has risen more than 18 times this month to about US$24 billion, making GameStop bigger than almost half of the companies in the S&P 500 Index.
Euphoria born in day-trader chat rooms has turned GameStop into the biggest story of the retail era, its improbable surge an emblem of the newfound power of individual investors. At the same time, itâs become a major headache for institutional investors betting it would fall.