Robinhood Sued Over Halting Purchase Orders On GameStop.

Robinhood Sued Over Halting Purchase Orders On GameStop.

2021-01-29 | Robin Williams

Robinhood Sued Over Halting Purchase Orders On GameStop.

The retail traders within two United states sued Robinhood Markets yesterday on Thursday over its decision to halt purchase orders on GME [GameStop] as well as other so-referred “meme stocks” swept up within the Reddit-fueled trading frenzy. The separate suits slam Robinhood over a choice that had immediate repercussions for impacted shares. GameStop, which had been soaring for days on short squeezing and mass speculation, started tumbling downwards after Robinhood, a leading retail trading hub, implemented the hold. Massachusetts resident Brendon Nelson alleged Robinhood tried to “slow the expansion of GME” without any legitimate cause, a move he revealed benefits Robinhood’s institutional investors over its clients in violation of its user agreement. He filed a category action suit in New York Federation Court. Another case, filed by Richard Joseph Gatz in Chicago court, alleged that Robinhood “caused irreparable harm” to retail traders of Nokia, AMC Theaters as well as BlackBerry when it halted purchase orders on Thursday, consistent with Bloomberg. At the reporting time, Robinhood has not responded to the update yet.

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