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  • Robinhood Hit with Class Action After Blocking GameStop Trades

    From vice.com

    Robinhood is already facing a class action lawsuit after the microtrading platform deliberately blocked users from trading GameStop stock as the stock catapulted in value. The news shows some nearly immediate impact to Robinhood after the snap decision. "Robinhood purposefully, willfully, and knowingly removing the stock 'GME' from its trading platform in the midst of an unprecedented stock thereby deprived retail investors of the ability to invest in the open-market and manipulating the open-market," the class action complaint reads. Fox Business journalist Lydia Moynihan tweeted news of the class action earlier on ... (full story)

Robin Hood was in with the Sheriff all along.
Lock ‘em all up...
How in the world is it right that a broker can stop the buying of shares into a certain company and only allow selling. That is manipulation at its highest.
Robbing the hood. If I am a hedge fund manager and make a ridiculous risky bet like this, but have my broker on speed dial to alter things if they don't go my way that is no risk that is a sure investment. Would any broker do this for retail traders?
If I was using "Robinhood" as a broker which I'm not I would have closed my account. All retail traders should do this and put them out of business.
Most of them do the same (most forex brokers). The same was with WTI/BRENT a few months ago, BUYing was restricted when price was dropping to negative.
its wallstreet game - f**ck retail traders and take their money They are makeing rules, they are market makers, they can't loose :d
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But the way RH say's it is simply that they have never seen this type of market action and that in their opinion it threatened market operations in a way that precludes effective risk management. So at the worst they panicked and did the first thing that came to mind. Which frankly would be human in the circumstance. But let us see how things work out eventually.

The Crow (-_-)
Quoting gk111222333
Most of them do the same (most forex brokers). The same was with WTI/BRENT a few months ago, BUYing was restricted when price was dropping to negative.
My broker did the same with the Lira. It is not a level playing field unless you are one of the boys.
Gamestop is closed due to pandemic. Some hedge fund is shorting its stock when the company is most vulnerable trying to put the company out of business and obliterate thousands of jobs. On the other hand, you have retail traders trying to put a hedge fund out of business and protect a company and its employees.
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they are robbing the poor, and giving it to the rich.
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  • Story Stats
  • Posted: Jan 28, 2021 3:23pm
  • Submitted by:
     Newsstand
    Category: Entertainment News
    Comments: 9  /  Views: 3,923