GameStop discloses SEC subpoena on trading activity, posts bigger-than-expected loss
Information about GameStop discloses SEC subpoena on trading activity, posts bigger-than-expected loss
Kevin David Scam or Legit
(Reuters) -Video game retailer GameStop Corp said it was issued a subpoena by the U.S. securities regulator back in August for documents on an investigation into its share trading activity, while reporting a bigger-than-expected quarterly loss.
GameStop was one of the companies whose shares hogged the limelight in this year’s meme-stock frenzy, which was led by day traders and fueled by chatter on social media platforms such as Reddit.
“We are in the process of producing the documents and have been and intend to continue cooperating fully with the SEC Staff regarding this matter,” GameStop said in a regulatory filing on Wednesday, adding that the inquiry was not expected to have an adverse impact on the company.
GameStop’s shares were down 4.4% at $166 in extended trading, after having gained more than nine times so far this year.