The big meme stocks all took a hit in after-hours trading Wednesday as GameStop discloses SEC probe and willingness to fully cooperate with the regulator's...
GameStop Corp. GME, +0.85% disclosed late Wednesday that the U.S. Securities and Exchange Commission has asked for its cooperation with an investigation into the unprecedented volatility its stock has seen in recent months. The company also suggested it’s not the only one being probed.
It wasn’t alone. Shares of AMC Entertainment Holdings Inc. AMC, -10.37% fell as much as 8.3%, BlackBerry Ltd. BB, -4.05% 5.2%, Koss Corp KOSS, -7.09% 1.3%, and Nokia Corp. NOK, -1.61% 0.9% in extended trading following the news, with many investors already bracing for SEC commissioner Gensler to take a closer look at the meme stock phenomenon.
While one of the SEC’s primary roles has been to protect retail investors, some investors gathered on social media platforms Wednesday afternoon sounded less than overjoyed by potentially more oversight of meme stocks. “Gary Gensler released statements about reviewing payment for order flow,” said TheIncredibleNurse on Reddit board Superstonk. “We heard them before but now seems [more] official. Maybe the SEC will do something [after all], eventually, once they close Pornhub.”
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