A class action complaint filed last week against online brokerage firm Robinhood accuses the company of manipulating the open market after it removed GameStop’s stock from its trading platform in the midst of volatile trading last month. GameStop (ticker symbol GME), a struggling retailer of video games and accessories, saw its stock rise almost 1,700% in one day as small investors drove up the price of the stock as part of an effort encouraged by the Reddit page Wall Street Bets (see full NYT coverage here). The Southern District complaint is one of 30 cases across the country, reports Law360.
According to the complaint:
Continue Reading Class Action Seeks Damages Over Robinhood’s Removal of GameStop Stock from Trading Platform After Meteoric Rise