When online buyers saw an opportunity to invest in specific gaming stocks, they relied on online trading platforms like Robinhood Financial to make purchases. However, in response to the rapid increase in consumer demand in January 2021, Robinhood unexpectedly prohibited buyers from purchasing specific stocks, including GameStop and Nokia—the company did not pause the selling of these same stocks.
Our mass torts team is preparing Robinhood lawsuits to help consumers seek monetary recovery if they were prevented from trading through their Robinhood accounts as stocks like GameStop peaked. If you received misleading information or were prohibited from using the online trading platform, Robinhood could owe you compensation. Our attorneys at Anastopoulo Law Firm can help you file a lawsuit after a complimentary case review.
Claims Against Robinhood Financial
Securities and Exchange Commission (SEC) officials recently charged Robinhood with misleading customers regarding its revenue sources. The company was also charged with failing to satisfy its “duty of best execution.” Consumers who are seeking damages from Robinhood Financial allege the following:
- The company removed specific stocks from its portfolio in order to manipulate the market.
- The company committed a breach of contract by failing to disclose its intent to remove profitable stocks arbitrarily.
- The company negligently breached its fiduciary responsibility to act in good faith toward its clients.
Our team is in the process of identifying plaintiffs and preparing them for a mass tort case. If you were not afforded the opportunity to invest in GameStop as the stock’s value was increasing due to Robinhood’s restrictive actions, you may be eligible to join the mass tort lawsuit. These actions may have falsely depressed stock prices, meaning you could recover compensation from Robinhood.
Recovering Compensation Can be Complicated
United States Senate officials are also examining Robinhood’s role in arbitrarily restricting trading abilities and imposing other limitations on its clients. If you lost income or potential income because of the actions Robinhood took to stop consumers from making stock purchases, you might be able to recover the cost of trades you were going to make.
You and other injured parties may also be eligible for additional recoverable damages. However, you will need to provide supportive documents, including financial records, proof of your recent trading history with Robinhood, and other relevant documentation that supports your case.
Our team works hard to understand and identify all the damages our clients are due. Only then can we fight to achieve the best possible outcome for members of the mass tort case.
Give Your Fight for Recovery the Anastopoulo Law Firm Advantage
Filing a lawsuit against Robinhood for its actions in blocking stock purchases and misleading consumers is complex. These cases can have many moving parts and require diligent legal research, filing of motions, and understanding of the mass tort process. When our team handles your case, we do the following:
- Provide sound legal counsel on your best course of action
- Determine your eligibility to join other plaintiffs in a mass tort case
- Assess your losses and assign a financial value to your case
- Negotiate with the at-fault party and their representatives
- Research SEC law and clarify Robinhood’s alleged violations
Our lawyers work hard to ensure your case moves forward and is filed before the statute of limitations expires. Once this deadline passes, you lose your right to sue. We will also represent you at no upfront cost and charge you nothing if we don’t win the case.
Find Out if You Can Seek Compensation from Robinhood Financial
According to SEC officials, Robinhood may have misled consumers and made errors of omission in customer communications as far back as 2015.
If you were a Robinhood consumer during that time, you may be eligible for compensation. Consumers who used the online trading platform can seek recovery for the company’s actions that led to financial losses.
Because Robinhood’s decision to restrict trading affected many people, plaintiffs are building a mass tort case, as allowed by Federal Rules of Civil Procedure guidelines. A mass tort case is one in which a large number of plaintiffs seek compensation from the same defendant. When our team reviews your case, we explain how each plaintiff will be fairly represented and how any compensation recovered will be fairly divided.
We Never Stop Fighting for Our Clients
Legal representation that leads to compensation is only one of our goals for the clients we represent. We are also committed to providing a supportive and encouraging environment. Clients we represented in the past said:
- “Very professional and caring from start to finish. I will definitely be using them for any future needs.” — Rana Jenkins
- “I had a very great experience…They’re also great lawyers that you can trust to get the job done.” — Keisha Sanders
- “My experience has been excellent! Very friendly, compassionate investigator…and prompt in getting back to you…I would highly recommend this law firm!” — Rhonda Young
- “My experience was great. Everything was handled with very high quality. I will definitely recommend [them to] anyone.” — Calif McCullum
- “They were absolutely amazing…I couldn’t have asked for a better experience than I had with them. I would definitely recommend them.” — Angie Gibson
If you believe you were harmed by Robinhood’s actions, your financial recovery matters to every member of our team. When we handle your case, we go the extra mile and fight for the best possible outcome.
Call for Your Free Consultation
If you were one of the consumers who suffered financial setbacks because of Robinhood Financial’s actions, you could be eligible to join the pending lawsuit. We can help you join the mass tort lawsuit against the online trading platform. Get more details by calling our Anastopoulo Law Firm team at (800) 313-2546 today.