Sauder Schelkopf and co-counsel filed a class action lawsuit on behalf of all Robinhood users who attempted but were unable to use the Robinhood trading platform to buy shares of certain restricted stocks on or after January 28, 2021. The complaint alleges that despite professing to prioritize access to the financial markets, on January 28, 2021, at the peak of a rise in several stocks’ prices driven by interest on the part of retail investors, Robinhood announced an unprecedented restriction on its online trading platform. Without warning, Robinhood claimed that “market volatility” necessitated restricting all its users from buying any more shares of the 13 rising stocks, notably including GameStop and AMC. Notably, Robinhood did not restrict its users from selling certain restricted stocks.
Sauder Schelkopf is a nationally recognized class action and personal injury law firm. The firm’s partners currently serve as court appointed lead counsel in courts across the country and have been selected by the National Trial Lawyers Association as some of the Top 100 Trial Lawyers in Pennsylvania since 2012. The attorneys at Sauder Schelkopf have recovered over $500 million on behalf of their clients and class members.
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