(Credit: Robinhood)
Robinhood is trying to win over the public with a new TV ad that’ll air during the Super Bowl. But we’re betting it will only piss people off.
Robinhood says it created the ad to spread its message of democratizing finance for everyone. “In that spirit, we’re launching a campaign during the Big Game this Sunday in hopes of reaching and empowering millions of people with one simple but important message: We are all investors,” the company wrote in a Wednesday blog post.
However, the ad is pretty mundane. It shows people going through their everyday lives while a voice narrates the company’s ultimate message: “You don’t need to become an investor, you were born one.”
(Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)
Angry internet users have filed over 30 class-action lawsuits against Robinhood for restricting stock buys on the app.
The lawsuits have been piling up in the PACER court database days after Robinhood stopped stock buys for GameStop and seven other companies. On Tuesday, PCMag counted 34 civil complaints against the company.
A Massachusetts-based man named Brendon Nelson was the first to file a class-action lawsuit against Robinhood, demanding it pay up in damages for depriving users of the chance to buy GameStop stock. Since then, dozens of users across the US have filed similar complaints.
Due to the limits, existing holders of the affected stocks, such as GameStop, AMC and BlackBerry, won’t be able to buy any new shares through the Robinhood app.
(Photo Illustration by Justin Sullivan/Getty Images)
UPDATE: Robinhood is backtracking on its decision, and will permit limited buys of new shares in GameStop and the other affected stocks starting on Friday.
Original story:
Robinhood is now facing a class-action lawsuit for blocking users from buying GameStop shares in the ongoing “meme stock” craze.
Hours after the stock-trading app began limiting the share buys, a Massachusetts-based user named Brendon Nelson filed a class-action complaint against the company, demanding it pay up in damages.
“Robinhood essentially abandoned its customers altogether by pulling GME (GameStop), a standard of care so far below what is required for a business engaging in time sensitive trading services that it amounts to a complete abandonment of its duties,” Nelson claims in the lawsuit, which was filed in a US District Court in New York.
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