ROBINhood class action

WHO WE ARE, WHAT's GOING ON

What happened

Market Manipulation

On January 28 and 29, 2021, Robinhood Securities, LLC participated in blatant Market Manipulation by blocking the ability for millions of its users to purchase shares of $GME, $AMC, $BB, $NOK, $BBBY, $EXPR, $KOSS, $NAKD, among others.

According to the Independent, “Some social media accounts claimed that billionaire financier Ken Griffin had pressured Robinhood to suspend trading to benefit his own company, Citadel Securities, which executes trades for Robinhood.

Citadel, and other “market-makers” pay Robinhood to execute the trades, putting themselves in the middle between the app user and the person who takes the other side of the bet. Market makers earn a profit by giving a slightly different price to buy and to sell, known as the spread.

Rumours were fuelled by the fact that another company in the Citadel group was one of two funds to pump $2.75bn into Melvin Capital, a hedge fund that got itself into trouble by betting against GameStop.”

““Citadel is not involved in, or responsible for, any retail brokers’ decision to stop trading in any way,” a spokesperson for the hedge fund said.

“Citadel Securities has not instructed or otherwise caused any brokerage firm to stop, suspend, or limit trading or otherwise refuse to do business,” the statement added. “Citadel Securities remains focused on continuously providing liquidity to our clients across all market conditions.””

We are currently investigating this matter.  If you have incurred losses and damages related to Robinhood Securities, LLC blocking the purchase and selling of Gamestop ($GME), BlackBerry ($BB), AMC ($AMC), Nokia ($NOK), or any other stocks or securities sign up below.

not a robinhood user?

If your broker blocked trading, you may have a claim too.