| COMPANY |
Robinhood Markets, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
21-cv-09767 |
| JUDGE |
The Honorable Edward Milton Chen |
| CLASS PERIOD |
Robinhood's IPO on or around July 30, 2021 |
| SECURITY TYPE |
Common Stock |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) common stock pursuant and/or traceable to Robinhood’s initial public offering (“IPO”) conducted on or around July 30, 2021.
The Complaint alleges that Robinhood’s Offering Documents contained representations that were materially inaccurate, misleading, and/or incomplete because they failed to disclose that, at the time of the IPO, Robinhood’s revenue growth was experiencing a major reversal, with transaction-based revenues from cryptocurrency trading serving only as a short-term, transitory injection, masking what was actually stagnating growth. In addition, Robinhood’s “significant investments” in enhancing the reliability and scalability of its platform were patently inadequate and/or defective, exposing Robinhood to worsening service-level disruptions and security breaches, particularly as Robinhood scaled its services to a larger user base.
Current Status of Case:
On January24, 2024, the Court entered an Order granting Defendants’ Motion to Dismiss and closed the case. On February 21, 2024, Lead Plaintiff filed a Notice of Appeal. The Appeal has been fully briefed by the parties and is awaiting oral argument. This action is on appeal and ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.