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Robinhood encounters meme stock debacle lawsuit

Robinhood encounters meme stock debacle lawsuit

It’s more than one year, but investors proceed to bring announcements against Robinhood after the January 2021 controversy around marketing GameStop and AMC stocks.

Cryptocurrency and stock marketing outlet Robinhood will allegedly encounter announcements of market manipulation as a piece of a class-action case made by investors in “meme stocks” from nine various corporations during a January 2021 conference.

Based on a Thursday statement from Reuters, United States District Court Judge Cecilia Altonaga of the Southern District of Florida ordered that investors in GameStop, AMC and seven other anonymous products which might encompass Nokia and BlackBerry could continue with a case declaring that Robinhood artificially boosted the reserve of stocks. In January 2021, the rate of many possession, encompassing the meme token Dogecoin (DOGE), rose to all-time highs after Redditors on r/Wallstreetbets thrilling interest in specific properties and cryptocurrencies.

Robinhood postponed but later continued transactions of GME stock and others interpreting the properties increasing exponentially, settling the trading outlet in the middle of a debate between marketable investors and big hedge funds shorting stocks. Thousands of users left one-star reviews for Robinhood’s app on the Google Play Store, the outlet settle its schemes for a preliminary public contribution in the U.S. on hold and people documented various class-action cases declaring Robinhood was kowtowing to the incomes of the affected hedge funds, given its links to Citadel and Melvin Capital.

⁠Robinhood to face class action lawsuit from meme stock debacle: Report

It’s been more than a year, but investors continue to make allegations against Robinhood following the January 2021 controversy around trading GameStop and AMC stocks.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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