A U.S. judge on Friday dismissed a lawsuit accusing Robinhood Markets Inc. of misleading investors about the online brokerage’s financials and growth prospects when conducting its 2021 initial public offering. U.S. District Judge Edward Chen in San Francisco found no proof that disclosures in Robinhood’s IPO materials were false or misleading, or that declines in…
DOJ to Seize $465 Million of Robinhood Shares Tied to Bankman-Fried
U.S. prosecutors are in the process of seizing shares of Robinhood Markets Inc. tied to Sam Bankman-Fried, who has been charged with fraud in the collapse of the FTX cryptocurrency exchange, a U.S. attorney told a judge on Wednesday. The Department of Justice did not believe the 56 million shares of Robinhood, worth about $465…
DOJ to Seize $465 million of Robinhood Shares Linked to FTX Ex-CEO Bankman-Fried
Department of Justice prosecutors plan to seize $465 million of Robinhood shares tied to Sam Bankman-Fried, the former CEO of bankrupt cryptocurrency exchange FTX. In May, Bankman-Fried purchased a 7.6 percent stake in Robinhood, worth approximately $648 million at the time, according to a Securities and Exchange Commission (SEC) filing. The revelation sent the stock…
DOJ to Seize $465 Million of Robinhood Shares Linked to FTX Founder Bankman-Fried
Department of Justice prosecutors plan to seize $465 million of Robinhood shares tied to FTX founder and former CEO Sam Bankman-Fried, who has been charged with fraud in the collapse of the FTX cryptocurrency exchange. In May, Bankman-Fried purchased a 7.6 percent stake in Robinhood, worth about $648 million at the time, according to a Securities…
Robinhood Must Face Market Manipulation Claims Over ‘Meme Stock’ Rally, Judge Rules
Stock trading platform Robinhood Markets Inc. must face market manipulation claims over restrictions it placed on trading during last year’s “meme stock” rally, a U.S. judge ruled on Thursday. U.S. District Court Judge Cecilia Altonaga in Miami said in the ruling that investors in GameStop Corp., AMC Entertainment Holdings Inc. and seven other stocks can…
Robinhood Discloses SEC Probe on Short Selling Rules Compliance
Robinhood Markets Inc. disclosed in a filing that the U.S. Securities and Exchange Commission has been probing the company’s compliance with short selling rules since October 2021. Robinhood said it received additional requests from the SEC in Q2 for information related to the company’s compliance with trade reporting requirements concerning securities and fractional share lending. The online…
Robinhood CEO Rejects Prospect of Deal as Shares Trade Higher on Earnings
The chief executive of Robinhood Markets Inc. on Wednesday dismissed the idea that the company might be acquired after it announced job cuts as it tries to reduce costs and reverse a decline in trading on its platform. Robinhood shares closed up nearly 12 percent on Wednesday, following a smaller-than-expected quarterly loss and the announcement…
Court Dismisses Claims Robinhood Wrongly Restricted ‘Meme Stock’ Trades
A U.S. federal court on Thursday dismissed a lawsuit accusing Robinhood Markets Inc. of violating state laws by restricting trades on so-called meme stocks during a January 2021 rally, a move that retail traders allege resulted in billions in losses. Chief Judge Cecilia Altonaga of the federal court in Miami ruled that retail investors cannot…
Robinhood Says It Is in ‘Strong Position’ to Face Unlikely Market Events
Robinhood Markets Inc. on Tuesday highlighted steps it has taken to avoid imposing trading restrictions and said it was in a “strong position” to support customers through unlikely market events, in a blog post published almost one year after a social-media-fueled rally that rattled markets. The online trading platform, which helped pioneer commission-free trading, and…
Robinhood Adds Crypto Gift Capability to Platform: Now You Can Send Bitcoin, Doge Presents
Robinhood Markets, Inc. has announced a gifting option just in time for the holidays that has the potential to “keep on giving.” What Happened: Robinhood customers will be able to customize and send a crypto gift to friends and family from the trading app beginning Dec. 22, the company announced in a Thursday blog post. This…
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