Case Status
On April 1, 2021, the Judicial Panel on Multi District Litigation (JPML), decided to send the In re: January 2021 Short Squeeze Trading Litigation to the Southern District of Florida to be litigated in front of Judge Cecilia M. Altonaga. The order transferring the case stated that 50+ related and tag-along cases will be centralized there since they “involve common questions of fact, and that centralization in the Southern District of Florida will serve the convenience of the parties and witnesses and promote the just and efficient conduct of this litigation."
Case Overview
Keller Rohrback, with co-counsel, filed suit against Robinhood Financial LLC and related defendants after reports surfaced that Robinhood prevented users of its popular stock trading platform from purchasing certain securities. The unprecedented restriction not only made it impossible for users of the app to purchase the restricted stocks but caused owners of those same stocks to lose money as the market value of those securities dropped.
While Robinhood customers collectively lost millions of dollars, institutional investors were still able to purchase the restricted stocks. This meant that while Wall Street investors and hedge funds could purchase securities like GameStop Corp. ($GME), AMC Entertainment Holdings Inc. ($AMC), BlackBerry Ltd. ($BB), Bed Bath & Beyond Inc. ($BBBY), and Nokia Oyj ($NOK), either to cover short positions or to profit from a post-restriction rebound in price, Robinhood users were left watching helplessly as trading volumes in these stocks plummeted 40- 70% and values dropped as a result.
If you were impacted by Robinhood preventing you and other users from buying or selling one or more of the stocks listed below on January 28, 2021, Keller Rohrback wants to hear from you. Please contact us at (800) 776-6044, investor@kellerrohrback.com, or by using the secure form on this page.
Impacted Stocks
AMC Entertainment Holdings Inc. ($AMC)
American Airlines ($AAL)
BlackBerry Ltd. ($BB)
Bed Bath & Beyond Inc. ($BBBY)
Castor Maritime Inc. ($CTRM)
Express, Inc. ($EXPR)
Koss Corporation ($KOSS)
GameStop Corp. ($GME)
Naked Brand Group Ltd. ($NAKD)
Nokia Oyj ($NOK)
Sundial Growers Inc. ($SNDL)
Tootsie Roll Industries, Inc. ($TR)
Trivago NV-ADR ($TRVG)
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