The House Committee on Financial Services has announced the hearing schedule for the month of May. Included in the list is the third, and perhaps final, hearing on the GameStop-Robinhood-Reddit saga. On May 6 at 12PM ET, the full Committee will convene for a virtual hearing entitled, “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part III.”
The first Committee hearing on Gamestop (NYSE:GME) included representatives from the principles involved in the short squeeze enacted by investors communicating on Reddit – mainly on a subreddit entitled Wallstreetbets.
The second took place last month and heard testimony from academicians, special interest groups, a former SEC Commissioner, and a Fintech entrepreneur.
The list of participants at the hearing has yet to be released but should be available in the days before the scheduled meeting.
Congresswoman Maxine Waters, the Chairwoman of the Committee, has said in the past that these hearings are information gathering exercises and it is not a foregone conclusion that legislation will emerge following the hearings.
Meanwhile, GameStop is well off its 52-week high but still trades considerably higher than 12 months ago – prior to the Redditers targeting the hedge funds that were shorting shares of GME.
