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2021-06-10

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GameStop says SEC is investigating trading of its shares

NEW YORK (BLOOMBERG, REUTERS) - GameStop, one of the popular "meme" companies whose stock has soared

GameStop says SEC is investigating trading of its shares

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop says SEC is investigating trading of its shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-10 08:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/companies-markets/gamestop-taps-amazon-australia-chief-as-ceo-may-sell-shares><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (BLOOMBERG, REUTERS) - GameStop, one of the popular \"meme\" companies whose stock has soared this year, said US securities regulators are looking into the trading of its shares.\nThe video-game...</p>\n\n<a href=\"http://www.straitstimes.com/business/companies-markets/gamestop-taps-amazon-australia-chief-as-ceo-may-sell-shares\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"http://www.straitstimes.com/business/companies-markets/gamestop-taps-amazon-australia-chief-as-ceo-may-sell-shares","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142124317","content_text":"NEW YORK (BLOOMBERG, REUTERS) - GameStop, one of the popular \"meme\" companies whose stock has soared this year, said US securities regulators are looking into the trading of its shares.\nThe video-game retailer said on Wednesday (June 9) that staffers from the Securities and Exchange Commission (SEC) contacted the company on May 26, for voluntary production of documents and information related to the stock.\n\"We are in the process of reviewing the request and producing the requested documents and intend to cooperate fully with the SEC staff regarding this matter,\" the company said in a quarterly filing. \"This inquiry is not expected to adversely impact us.\"\nSince February, securities regulators have been combing social media and message-board posts for signs that fraud played a role in dizzying stock swings for GameStop, AMC Entertainment Holdings and other companies, people familiar with the matter said at the time.\nGameStop is one of a handful of stocks that have been fueled by Reddit traders who invest based on social-media buzz. Shares of the money-losing chain have gained 1,500 per cent this year, closing on Wednesday at US$302.56.\nThe stock fell as much as 13 per cent in extended trading after the company announced it may issue new shares, along with the hiring of two Amazon.com veterans for top leadership roles and fiscal first-quarter results.\nGameStop on Wednesday also named the head of Amazon's Australian business as its chief executive officer and said the struggling videogame retailer may sell new shares, sending its volatile stock down 7 per cent in extended trade and disappointing some of its ardent fan base of individual investors.\nIn a quarterly report that was stronger than analysts forecast, GameStop said it may sell up to 5 million new shares, which would be worth US$1.4 billion (S$1.85 billion) based on its latest share price.\nMatt Furlong, a nine-year Amazon veteran, will succeed George Sherman as chief executive officer. GameStop said Mike Recupero, who spent over 17 years at Amazon, will succeed Jim Bell as chief financial officer.\nMr Furlong will join on June 21, while Mr Recupero, who was chief financial officer of Amazon's North American consumer business, will come on board on July 12, the company said.\nEarlier, shareholders elected billionaire investor Ryan Cohen, the company's biggest stockholder and co-founder of online pet supplies retailer Chewy, as its chairman.\nGameStop announced his nomination in April. He warned shareholders of more volatility ahead.\n\"As my dad would say, buckle up,\" Mr Cohen said.\nTaking advantage of GameStop's recently surging stock price, Wednesday's announcement of a potential share sale follows the issue of 3.5 million shares in April, which raised about US$550 million.\nSome on wallstreetbets forum were disappointed with GameStop's latest share-sale plan.\n\"Guys why didn't Cohen and his NEW CFO just go to the damn bank and get a 2-3 per cent loan to fund their new plans?,\" one commenter posted on the site.\nWhile the recent rollout of new videogame consoles is likely to benefit GameStop, analysts warned that its soaring stock price has become disconnected from the company's day-to-day business. At least two Wall Street analysts recently dropped coverage of the company.\nVideo games are a massive industry that rivals Hollywood by some measures, but GameStop's core business of selling new and pre-owned videogame discs is shrinking as consumers move to downloading games digitally or streaming. The company has lost money for the past three years.\nMr Cohen hopes to transition GameStop into an e-commerce business that can take on big-box retailers. He told shareholders at Wednesday's meeting in Grapevine, Texas that they had \"ushered in a whole new era at GameStop,\" but he declined to provide a detailed plan.\nHe has said that changes at GameStop should speak for themselves, including hiring new employees from Amazon, Google and Chewy.\nGameStop said its net sales for the quarter ending May 1 jumped 25 per cent to US$1.28 billion, exceeding analysts' average estimate of US$1.16 billion, according to Refinitiv data.\nIts adjusted loss per share was 45 cents, beating expectations of an 84 cent loss per share.\nIn a brief conference call, Mr Sherman gave a summary of GameStop quarterly results and did not take questions from analysts as companies normally do.","news_type":1},"isVote":1,"tweetType":1,"viewCount":146,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}