Is GameStop a Scam?
Buying games online has become increasingly popular. While the GameStop website may appear to be an impersonal, faceless online store, it actually sells many legitimate products. The company has been in business since 1984, and has physical locations in the US, Canada, Australia, and some European countries. Many consumers also express a dissatisfaction with the company’s refund and return policies. You can find more information about GameStop’s refund and return policies below.
As a company, GameStop makes over $30 million more from used products than it does from new products. This is significant, given the fact that used products earn nearly fifteen percent more than new ones. Unlike Craigslist, the company is much safer for sellers than you might think. GameStop prefers used games to new ones, which means you can be confident that the price you’re quoted is accurate. You won’t get any unscrupulous buyers here, either.
If you’re considering investing in GameStop stock, consider the consequences. The stock has rallied by more than 1,000 percent since January of last year. This is a mighty gain, and it will most likely go down after the run-up is over. Hedge funds, however, lost big. The Melvin Capital Fund closed its position after losing 51 percent, while Maplelane lost forty percent. In addition to the financial media, the SEC has been aware of the fraud and has tried to crack down on it.
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It’s no secret that GameStop is a difficult place to work. While employees are encouraged to exploit the company’s gaming passion, GameStop has long been a tough job. Its employees are stretched to the limit during holiday season, and this has sucked morale. There are many posts on Reddit about GameStop’s cratered morale. They’re tired of constantly nagging customers and chasing them for membership.
Unfortunately, GameStop’s delivery service has a poor reputation. In fact, many customers have reported receiving empty boxes, damaged items, and off-brand products. In fact, ninety-five percent of complaints made in the past five months have gone unanswered. The company has also refused to respond to thousands of emails from frustrated customers. Their customer service representatives have been on hold for more than four hours and never replied. Many people have even written to Congress to complain about GameStop’s shoddy business practices.
The SEC announced its intent to look into GameStop’s stock. Its shares climbed five-fold from July to December. That’s because the company’s stock price rose despite a rumor that it was a scam. In the case of GameStop, the issue will be whether there was a concerted effort to manipulate the stock’s value. This would constitute a violation of securities laws, and this is the focus of the SEC’s investigation.