A U.S. judge has ruled that former Bed Bath & Beyond investor Ryan Cohen can be sued by investors over a tweet he posted featuring an emoji that seemed to indicate an endorsement of the home goods retailer before it declared bankruptcy earlier this year.
The decision, issued Thursday by District Judge Trevor McFadden of Washington, D.C., concluded that Cohen and his company must face plaintiffs’ fraud claims, including their allegation that Cohen’s smiley moon emoji was a fraudulent misrepresentation.
The CNBC story was accompanied by a photo of a woman shopping at a Bed Bath store. Cohen reposted the CNBC story with a quip — “at least her cart is full” — and an emoji of a smiling moon. That phrase has become a common idiom among so-called meme-stock investors indicating that the stock is poised to soar, McFadden said.
When Cohen revealed he had sold all his shares in the company, Bed Bath & Beyond’s stock price plummeted. By August 22, shares were trading below $10. The company ultimately filed for bankruptcy the following April.alleging they’d been duped by Cohen and his company, RC Ventures. Lead plaintiffs lawyers Omar Jafri and Jeremy Lieberman of Pomerantz did not respond to a Reuters query.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Ryan Cohen faces Bed Bath & Beyond lawsuit over emoji-fueled rallyMeme-stock hero Ryan Cohen faces Bed Bath & Beyond shareholder lawsuit over emoji-fueled rally
Les mer »
Bed Bath & Beyond officially closed in Columbia Heights – Burlington Coming - PoPville3100 14th Street, NW A tipster reported to me last month: 'Burlington is taking over the Bed Bath and Beyond Space in Columbia Heights -- they won the rights in a real estate bankruptcy auction.' The Washington Business Journal reported: 'Burlington to replace Bed Bath & Beyond in Columbia Heights' Stay tuned.
Les mer »
Unused gift cards can feel like wasted money. Here’s what to do if you have them after a store goes out of businessEven consumer advocates don’t have 100%-success-guaranteed solutions for consumers left with unredeemed gift cards to places like Bed Bath & Beyond, and other businesses that shutter suddenly.…
Les mer »
Tips for a good night's rest for returning to school routine includes showering before bedABC13 spoke with a sleep expert who gave us a lesson on how to trick your internal clock to go to bed early.
Les mer »