Shares of GameStop (NYSE:GME) are up over 11% in pre-open Wednesday after soaring as much as 30.7% yesterday.
A regulatory filing showed that Ryan Cohen, the chairman of GameStop, acquired 100,000 shares of the company.
Cohen now holds an 11.9% stake in the video game retailer, which amounts to a total of 9.1 million shares.
The activist investor co-founded the pet products online retailer Chewy (NYSE:CHWY) in 2011 and was the companys CEO until 2018. He is also GameStop's Chairman and has a 10% stake in Bed Bath & Beyond (NASDAQ:BBBY).
Cohen was acquiring shares yesterday at prices that range between $96.85 and $108.28.
GameStop stock price initially soared over 30% in after hours trading before paring gains to trade around 11% in the green at 06:15 EDT.
Yesterday, it was reported that Boston Consulting Group sued GME and was asking for $30 million in fees it is owed.
According to the complaint filed Tuesday in Delaware federal court, BCG said it spent tens of thousands of hours on the project and overachieved as it helps the retailer to overhaul its embattled business.
The consultancy business claims its invoices went unpaid despite there being no legitimate dispute over BCGs full performance and the fees coming due.
By Senad Karaahmetovic