𝗟𝗮𝘄𝘀𝘂𝗶𝘁 𝗼𝘃𝗲𝗿 𝗲𝗺𝗼𝗷𝗶𝘀 🌝 ?
In a recent US legal case, Bed Bath & Beyond Corp. faced securities litigation regarding a tweet by entrepreneur Ryan Cohen.
CNBC accused Cohen of inflating BBB’s stock price with positive tweets, despite the company’s financial troubles. A ‘full moon emoji’ in one tweet symbolized optimism in memes rock culture.
The court rejected a summary dismissal, stating that the emoji’s meaning could mislead investors. In the meme stock culture, moon emojis are associated with the phrase “to the moon,” signifying a stock’s rise. Cohen’s tweet could encourage confidence, affecting investors. The case continues, as the court deemed the statement more than just puffery.
Citation – US Dist. LEXIS 129613 (2023)
𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘦 𝘤𝘢𝘴𝘦 𝘥𝘪𝘴𝘤𝘶𝘴𝘴𝘦𝘥 𝘪𝘴 𝘶𝘯𝘪𝘲𝘶𝘦 𝘪𝘯 𝘪𝘵𝘴 𝘤𝘪𝘳𝘤𝘶𝘮𝘴𝘵𝘢𝘯𝘤𝘦𝘴 𝘢𝘯𝘥 𝘳𝘦𝘲𝘶𝘪𝘳𝘦𝘴 𝘵𝘩𝘰𝘳𝘰𝘶𝘨𝘩 𝘦𝘹𝘢𝘮𝘪𝘯𝘢𝘵𝘪𝘰𝘯 𝘧𝘰𝘳 𝘢 𝘤𝘰𝘮𝘱𝘭𝘦𝘵𝘦 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘪𝘯𝘨. 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘩𝘦𝘳𝘦 𝘪𝘴 𝘧𝘰𝘳 𝘨𝘦𝘯𝘦𝘳𝘢𝘭 𝘢𝘸𝘢𝘳𝘦𝘯𝘦𝘴𝘴 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘤𝘰𝘯𝘴𝘵𝘳𝘶𝘦𝘥 𝘢𝘴 𝘭𝘦𝘨𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦.
#PioneerLegal #LawAtPL #MemeStocks #EmojiMisleading #WeirdWednesday