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Another Zack Morris Lawsuit

A lawsuit has been filed against social media influencer Zack Morris, legally Edward Constantin, seeking more than $1,000,000 in relief. The plaintiff, Ali Pourmemar, alleges that he lost a staggering $250,000 following Morris’s stock recommendations, accusing him of fraud by nondisclosure. Pourmemar is now seeking a jury trial to address the claims.

Pourmemar, an active stock trader from 2019 to 2022, found himself introduced to Morris through social media platforms. Morris, who operated under the X (fka Twitter) handle @MrZackMorris, was part of the financial Twitter (FinTwit) community.

Morris was part of a group within FinTwit, often referred to as a “gang,” that regularly posted what they believed were promising stock picks with the potential for price surges. These individuals boasted thousands of followers and would collectively decide on a particular stock to “pump” – essentially driving up its price.

You can read more on the matter here.

What’s going on?

• SEC Probes Ryan Cohen’s Bed Bath & Beyond Shares Sale Amid Meme Stock Craze (theDeepDive)

• Canada’s Employment Levels Continue Trending Upward in August (theDeepDive)

• SpaceX Ordered by FAA to Make Fixes After Starship Blowup (Bloomberg)

• Is Tiff Macklem Throwing in the Towel? BoC Governor Hints at Adjusting 2% Inflation Target (theDeepDive)

• Another Major US Used Car Dealer Shuts Down (theDeepDive)

• Georgia grand jury recommended charging three U.S. senators, others (Reuters)

• Single-Family Homes Drive Canadian Residential Boost Amidst Overall Permit Decline in July (theDeepDive)

• Ontario Premier Doug Ford Orders Tougher Penalties for Lobbyists Amid Scandal (theDeepDive)

• AI-powered killer robots poised to shape US-China rivalry (Reuters)

• Nina Agdal, Logan Paul’s Fiancee, Sues Dillon Danis; Argues Danis Acknowledges His Fault (theDeepDive)

• Rent Hike Nightmare: Toronto Sisters Face $7,000 Monthly Increase (theDeepDive)

What’s the latest?

• Immigration Outpaces Employment: Canada's economy added 39,900 jobs in a recent report, which was more than expected but still insufficient to keep pace with the population growth. Despite the increase in jobs, the employment rate declined slightly as the number of new people entering the workforce outstripped job creation.

• More Hikes?: Bank of Canada Governor Tiff Macklem suggested that the central bank may need to raise interest rates further despite concerns about the economy. While the Bank of Canada recently decided to hold its key interest rate steady at 5%, Macklem said there may be a need for further rate increases if inflationary pressures persist.

• Trump Net Worth Issues: The New York Attorney General's office has alleged that former President Donald Trump's net worth was inflated by billions of dollars more than previously believed, according to a new court filing. Citing analysis by valuation and accounting experts, the AG's office claimed that Trump's net worth between 2011 and 2021 was overstated by $1.9 billion to $3.6 billion.

• SpaceX Grounded: The Federal Aviation Administration has stated that SpaceX must take 63 corrective actions before its Starship Super Heavy rocket can be cleared for another test flight. This comes after the rocket exploded mid-flight during an April launch. Corrective actions include redesigning hardware to prevent leaks and fires, redesigning the launch pad, additional safety system testing, and more.

• Public Health vs Air Canada: The Public Health Agency of Canada is investigating an Air Canada incident after the airline escorted passengers off a flight that objected to sitting in seats that were covered in puke. The agency is investigating the episode to ensure it does not risk the transmission of diseases through bodily fluids.

The Constellation Software Story

The stock market and stuff

• Nvidia enters AI partnership with India's Tata Group (Reuters)

• Ex-FTX Exec Ryan Salame’s $1.6-Billion Guilty Plea Might Actually Be A Bargain For Him (theDeepDive)

• Kroger warns of weaker sales, takes $1.4 bln charge to settle opioid claims (Reuters)

In the juniors

• Metalla Royalty To Acquire Nova Royalty For $190 Million (theDeepDive)

• Delek Logistics Partners says selling unitholder offering 13.6M units (SA)

• Sarama Resources Plummets 45% After Burkina Faso Withdraws Tankoro Deposit Permit (theDeepDive)

FULL DISCLOSURE: Core Assets Corp is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Core Assets Corp. The author has been compensated to cover Core Assets Corp on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.