BUSINESS: Kessler Topaz Meltzer & Check, LLP Announces A Securities Fraud Class Action Filed Against Robinhood Markets, Inc.

dWeb.News Article from Daniel Webster dWeb.News

By Daniel Webster, dWeb.News Publisher

December 23, 2021 20: 12 ET | Source: Kessler Topaz Meltzer & Check LLP

RADNOR, Pa., Dec. 23, 2021 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Robinhood Markets, Inc. (“Robinhood”). (NASDAQ: HOOD). Robinhood is being charged with violating federal securities laws. This includes omissions, fraudulent misrepresentations and other acts that could have a significant impact on the company’s prospects, business, and operations. Robinhood investors suffered substantial losses as a result of Robinhood’s misleading statements to the general public.

CANNOT VIEW THIS VIDEO? PLEASE CLICK HERE

CLICK HERE TO SUBMIT YOUR ROBINHOOD LOSSES

LEAD PLAINTIFF DEADLINE: February 15, 2022

CLASS PERIOD: July 30, 2021 through December 17, 2021

CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at info@ktmc.com

ROBINHOOD’S ALLEGED MISCONDUCT
Robinhood, headquartered Menlo Park, California, is a financial services company that operates a mobile app which offers commission-free trading of stocks and allows users to invest in stocks, exchange-traded funds, and cryptocurrencies.

On July 30, 2021, Robinhood conducted its initial public offering (“IPO”) and issued 55 million shares at $38 per share, anticipating proceeds of over $2 billion. Then, on October 26, 2021, Robinhood announced its 2021 third-quarter financial results. The report revealed that Robinhood’s third-quarter total net revenue fell short of Wall Street estimates by nearly $73 million, as crypto transaction revenue totaled $51 million, a 78% plunge compared to the preceding quarter. Robinhood also reported a decline in monthly active users (“MAUs”) and funded accounts as well as decreased assets under custody and revenue per user. Robinhood stock dropped $4 following this news. 13 per share, or 10. 44%, to close at $35. 44 per share on October 27, 2021.

Then, on November 8, 2021, Robinhood disclosed that it had suffered a “data security incident” on November 3, 2021, admitting that an “unauthorized third party” had obtained email addresses for approximately five million users and the full names of a different group of about two million users, indicating that the attack potentially affected nearly 40% of Robinhood’s MAUs. Following this news, Robinhood’s stock declined over 3% on November 9, 2021 to close at $36. 70 per share, before then falling another 6% to close at $34. 49 the very next day. As of the date the initial complaint was filed, Robinhood’s stock had traded as low as $17. 08 per share, or over 55% below the $38 IPO price.

WHAT CAN I DO?
Robinhood investors may, no later than February 15, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Robinhood investors who have suffered significant losses to contact the firm directly to acquire more information.

CLICK HERE TO SIGN UP FOR THE CASE

WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The investor or small group that has the highest financial interest, as well as being typical of the proposed class, is the lead plaintiff. If approved by the court, the lead plaintiff chooses counsel to represent him. The class and these attorneys are the lead or class counsel. The decision to be a lead plaintiff or not is not going to affect your ability to share in any recovery.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. It has a worldwide reputation for excellence, and has helped victims of fraud and other corporate misconduct recover billions of dollars. Our common goal is to protect investors and consumers as well as employees from fraud, abuse and negligence by fiduciaries and businesses. We have achieved our goal if the bad guys pay up and if your assets are recovered. Kessler Topaz Meltzer & Check LLP did not file the complaint in this case. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com

For more dWeb.News Business News: https://dweb.news/news-sections/business-news/

The post BUSINESS: Kessler Topaz Meltzer & Check, LLP Announces A Securities Fraud Class Action Filed Against Robinhood Markets, Inc. appeared first on dWeb.News dWeb.News from Daniel Webster Publisher dWeb.News – dWeb Local Tech News and Business News

dWeb.NewsRead More

Similar Posts