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Robinhoodâs GameStop Trading Ban Crashing High-Speed Traders, Court Records System, Appâs Reputation
GME is back on Robinhood. But so are the SEC and class-action lawyers.
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GME is back on Robinhood. But so are the SEC and class-action lawyers.
GameStop shares are back on their rocket, after millennial trading app Robinhood decided it would, after all, let its customers ride the stock all the way to the moon or to a fiery crash. Alas, for Robinhood, it may already be too late.
“Brokers are now ‘protecting’ customers as a facade so that they can appease their institutional backers,” one individual trader told Bloomberg. “The entire community is outraged….”
NEW YORK A Robinhood customer filed a class-action lawsuit against the stock-trading app Thursday after the company barred traders from buying shares of GameStop promoted by WallStreetBets, a popular Reddit group for investors.
The lawsuit, filed in the Southern District of New York, claims that Robinhood s actions rigged the market against its customers. Robinhood s actions were done purposefully and knowingly to manipulate the market for the benefit of people and financial institutions who were not Robinhood s customers, the lawsuit states.
Robinhood did not respond to a request for comment. The company imposed the stock-trading restrictions Thursday citing recent volatility. The company said in a blog post it will only allow users to close out their positions in those stocks, which include GameStop, AMC, Bed Bath & Beyond, and Nokia.
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