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Robinhood investment company is being looked into by New York Attorney General Letitia James after the company restricted trading of certain securities on Thursday. Multiple lawsuits were filed against the company including a class action lawsuit filed in the Southern District of New York.
James said, “we are aware of concerns raised regarding activity on the Robinhood app, including trading related to the GameStop stock. We are reviewing this matter.”
Some of the companies that Robinhood and other companies are restricting include GameStop, AMC, BlackBerry, Tootsie Roll, Trivago, and others.
Shares of GameStop fell 44% Thursday after gaining nearly 800% earlier in the week. AMC similarly dropped 56% after skyrocketing in recent days.
Day traders were incensed that they were cut off from buying these securities and only given the option to close out their positions.
A lawsuit was filed by one Robinhood user in the Southern District of New York accused Robinhood of “purposefully, willfully, and knowingly” removing GameStop from its platform, thereby depriving retail investors “of the ability to invest in the open-market.”
Another lawsuit filed in the Northern District Court of Illinois accused Robinhood of manipulating the market.
Robinhood cited recent market volatility in its explanation for restricting the trading of certain securities.
“We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only,” the company said in a statement. “We also raised margin requirements for certain securities.”
The Reddit forum WallStreetBets is being looked into by the SEC for possible market manipulation where investors discussed buying the GameStop Stock to create a short squeeze.
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Robinhood investment company is being looked into by New York Attorney General Letitia James after the company restricted trading of certain securities on Thursday. Multiple lawsuits were filed against the company including a class action lawsuit filed in the Southern District of New York.
James said, “we are aware of concerns raised regarding activity on the Robinhood app, including trading related to the GameStop stock. We are reviewing this matter.”
Some of the companies that Robinhood and other companies are restricting include GameStop, AMC, BlackBerry, Tootsie Roll, Trivago, and others.
Shares of GameStop fell 44% Thursday after gaining nearly 800% earlier in the week. AMC similarly dropped 56% after skyrocketing in recent days.
Day traders were incensed that they were cut off from buying these securities and only given the option to close out their positions.
A lawsuit was filed by one Robinhood user in the Southern District of New York accused Robinhood of “purposefully, willfully, and knowingly” removing GameStop from its platform, thereby depriving retail investors “of the ability to invest in the open-market.”
Another lawsuit filed in the Northern District Court of Illinois accused Robinhood of manipulating the market.
Robinhood cited recent market volatility in its explanation for restricting the trading of certain securities.
“We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only,” the company said in a statement. “We also raised margin requirements for certain securities.”
The Reddit forum WallStreetBets is being looked into by the SEC for possible market manipulation where investors discussed buying the GameStop Stock to create a short squeeze.