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Why Is A Corporate Advisory Group Suing GameStop For $30M?

The success of the popular video game retailer set off what now, in investing, is known as meme stock mania. In late 2020 and early 2021, fans of companies like GameStop and movie theater chain AMC started promoting it on Reddit forums like w/WallStreetBets and r/Superstonk and, in a snowballing effect, shares soared to highs unjustified by either company’s earnings. At its highest, GameStop stock was up more than 1,000% at $325.

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