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Dear GME Stock Fans, Mark Your Calendars for June 17

GameStop virtual shareholder meeting postponed after technical difficulties Thursday

Source: mundissima / Shutterstock.com

GameStop (NYSE:GME) stock is sliding about 4.5% today after technical difficulties caused yesterday’s shareholder meeting to be rescheduled for June 17.

GameStop was supposed to host its virtual annual meeting of stockholders on Thursday, June 13, at 10:00 a.m. Eastern. However, due to issues with the third-party hosting site, the meeting has been pushed back to Monday, June 17, at 12:30 p.m.

No business was conducted at this week’s meeting. According to Computershare (OTCMKTS:CMSQY), the host in question, the technical problem prevented some investors from entering the call, and the meeting ended quite quickly upon the realization of the issue.

Apparently, the technical glitch was due to “unprecedented demand from shareholders” and the corresponding traffic from those attempting to access the meeting.

Reasonably so, GameStop is back in fashion 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 all over GME stock. Indeed, over the past month, the stock has had an average trading volume of more than 83 million shares a day.

GME Stock Continues to Fluctuate as ‘Roaring Kitty’ Continues to Tease Investors

Since Gill returned to posting about GameStop in May, the stock has been on a virtual roller coaster. Indeed, Gill returned to posting on his X, formerly Twitter, account on May 13. Just one day later, on May 14, GME shot up 180%. The stock has since eased back down somewhat but remains in the green at 66% year-to-date.

Gill has been criticized for some of his social media posts, many of which reveal his large holdings in the company. According to his most recent E-Trade portfolio screenshot, Gill owns about 9 million GME shares.

Some believe Gill’s posting may be tantamount to stock market manipulation. However, many lawyers believe it’s unlikely a regulatory body will initiate a case against him.

“What he’s doing is exploiting a gap in the rules,” said Daniel Hawke, a partner at the Arnold & Porter Kaye Scholer Law Firm and former head of the Securities and Exchange Commission’s market abuse unit. “He is using his celebrity and influence to draw people to buy the stock. The rules that exist do not permit the SEC to prosecute that conduct unless there is an element of deception.”

On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With degrees in economics and journalism, Shrey Dua leverages his ample experience in media and reporting to contribute well-informed articles covering everything from financial regulation and the electric vehicle industry to the housing market and monetary policy. Shrey’s articles have featured in the likes of Morning Brew, Real Clear Markets, the Downline Podcast, and more.

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