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:
A class action lawsuit has been filed 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 May 12, 2023, Defendants filed a Motion to Dismiss the action and the Court held oral argument on the Motion on November 21, 2023. The Motion is still pending before the Court. This action is 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.