On August 10, 2022, the United States District Court for the Southern District of Florida denied, in part, the motion to dismiss filed in the Federal Securities Tranche of the multidistrict litigation, In re January 2021 Short Squeeze Trading Litigation, 1:21-md-02989 (S.D. Fl.).
On November 30, 2021, The Rosen Law Firm, P.A. filed a consolidated class action complaint against Robinhood Markets, Inc., Robinhood Financial, LLC and Robinhood Securities, LLC (collectively, “Robinhood”) on behalf of investors who held common stock in AMC Entertainment Holdings, Inc. (NYSE: AMC), Bed Bath & Beyond Inc. (NASDAQ: BBBY), BlackBerry Ltd. (NYSE BB), Express Inc. (NYSE: EXPR), GameStop Corp. (NYSE: GME), Koss Corp. (NASDAQ: KOSS), Tootsie Roll Industries Inc. (NYSE: TR), or American Depositary Shares of foreign-issuers Nokia Corp. (NYSE: NOK) and Trivago N.V. (NASDAQ: TRVG) (collectively “the Affected Stocks”) as of the close of trading on January 27, 2021, and sold such shares at a loss between January 28, 2021, and February 4, 2021 (the “Class”).
In its order upholding investors’ market manipulation claims, the Court held that investors adequately alleged that Robinhood manipulated the market for the Affected Stocks and artificially depressing their share prices by restricting trading in the stocks, cancelling purchase orders, closing out call options early, and selling shares to meet margin requirements. The lawsuit asserts that because of Robinhood’s market manipulation, the share prices of the Affected Stocks dropped significantly, and many investors sold their shares at depressed prices.
If you sold any of the Affected Stocks (AMC; BBBY; BB; EXPR; GME; KOSS; TR; NOK; or TRVG) between January 28, 2021, and February 4, 2021, and have questions concerning your legal rights or your ability to participate in in the Class action please contact Michael Cohen, Esq. toll-free at 866-767-3653 or email [email protected].
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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