Articles Tagged with meme stocks

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A 26-year-old truck driver from Connecticut, represented by Iorio Altamirano LLP, filed a securities arbitration claim alleging that Robinhood’s decision to halt the purchase of securities by retail investors caused the share prices of publicly traded companies that he held to fall, resulting in losses.

The claim stems from Robinhood’s January 28, 2021 decision to designate specific stocks as “position closing only,” meaning that customers could not purchase additional shares in those stocks.  The targeted stocks included GameStop (NYSE: GME), AMC (NYSE: AMC), Blackberry (NYSE: BB), Nokia (NYSE: NOK), Koss Corporation (NYSE: KOSS), and Express, Inc. (NYSE: EXPR).

Robinhood was joined by other online brokers, including TD Ameritrade, Charles Schwab & Co, Inc, Interactive Brokers, LLC, Webull Financial, LLC, E*Trade Securities LLC, who all implemented trading restrictions on targeted securities.  These online brokerage firms, including Robinhood, intentionally deprived their customers, without notice, of the ability to use their service in order to slow the growth of the targeted “meme stock” securities.

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