GameStop CFO Resigns Weeks After Reddit-Fueled Stock-Market Frenzy

GameStop CFO Resigns Weeks After Reddit-Fueled Stock-Market Frenzy

GameStop was one of the companies whose stock skyrocketed in late January, driven by posts on Reddit and other social-media sites. Its share price rose from about $20 to $483 over two weeks in January as individual investors encouraged each other online to buy the stock and squeeze out hedge funds that had bet its price would fall.

U.S. regulators are investigating whether there was any market manipulation or other types of criminal misconduct that fueled the rapid rise in GameStop’s and other stocks.

GameStop’s shares rose about 13% Monday after Keith Gill, one of the company’s investors who rose to prominence in recent weeks, disclosed a larger stake on Friday. On Tuesday, GameStop shares closed at $44.97, down 2.2% on the day.

Before joining GameStop, Mr. Bell from 2016 to March 2019 served as CFO and interim chief executive of Wok Holdings Inc., the parent company of restaurant businesses including P.F. Chang’s and True Food Kitchen. Previous roles during his career included executive vice president and CFO at RLH Corp., a hospitality company, and CEO of Coldwater Creek Inc., a clothing retailer.

Mr. Bell didn’t immediately respond to a request for comment.

Article Appeared @https://www.wsj.com/articles/gamestop-cfo-resigns-weeks-reddit-stock-market-frenzy-11614121870?mod=hp_minor_pos7

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