The WallStreetBets forum proved popular with retail investors as so-called meme stocks soared in 2021.
AFP via Getty Images
The founder of online community WallStreetBets is suing Reddit, the social media platform from which it inspired the meme stock frenzy of 2021.
Jaime Rogozinski, who created the popular Reddit forum where retail investors congregated to discuss their next stock targets, has filed a lawsuit against the company, The Wall Street Journal reported late Wednesday.
The so-called meme stock craze saw companies such as
GameStop
(ticker: GME), AMC Entertainment (AMC), and Bed Bath & Beyond (BBBY) make astronomical gains, particularly in 2021.
Rogozinski’s lawsuit accused Reddit of breaching contract by removing him as a WallStreetBets moderator in 2020 and infringing on his right to trademark the WallStreetBets brand, among other complaints, the report said.
The lawsuit was filed with the U.S. District Court for the Northern District of California late Wednesday, according to court’s website.
A Reddit spokesperson called the lawsuit frivolous and said Rogozinski’s claims had no basis in reality, according to the report.
Reddit did not immediately respond to a Barron’s request for comment early Thursday.
Write to Callum Keown at callum.keown@barrons.com
Credit: marketwatch.com