Bed Bath & Beyond sues GameStop CEO for alleged insider trading [Video]

GRAPEVINE, Texas — Ryan Cohen, CEO of Grapevine-based GameStop and his company RC Ventures are being sued by the company that used to be known as Bed Bath & Beyond to recover more than $47 million they allegedly made from insider trading in 2022.

Cohen is also the founder of the online pet food retailer Chewy and took over as CEO of GameStop in 2023, the Associated Press reported.

The lawsuit, filed last week in the U.S. District Court for the Southern District of New York, alleges Cohen and RC Ventures used insider information to trade Bed Bath and Beyond (BBBY) stock between January and August of 2022 while acting as BBBY’s “statutory directors,” acting through deputized members of the board.

“The Cohen Defendants made dozens of purchases and sales of BBBY’s equity securities between January …