Kessler Topaz Meltzer & Check, LLP Reminds Robinhood Markets, Inc. Shareholders of Deadline in Securities Fraud Class Action Lawsuit | News
RADNOR, Pa., January 12, 2022 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP is informing investors that a securities class action lawsuit has been filed against Robinhood Markets, Inc. (“Robinhood”). (NASDAQ: HOOD). The lawsuit alleges that Robinhood violated federal securities laws, including omissions and fraudulent misrepresentations regarding the company’s business, operations and prospects. As a result of Robinhood’s materially misleading public statements, Robinhood investors have suffered significant losses.
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LIMIT FOR THE PLAINTIFF: February 15, 2022
COURSE PERIOD: July 30, 2021 to December 17, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or duty free (844) 887-9500 or email email@example.com
ROBIN HOODS ALLEGED MISCONDUCT
Robinhood, headquarters Menlo Park, California, is a financial services company that operates a mobile app that offers commission-free stock trading and allows users to invest in stocks, exchange-traded funds, and cryptocurrencies.
on July 30, 2021, Robinhood completed its initial public offering (“IPO”) and issued 55 million shares $38 per share, expects proceeds of over 2 billion dollars. Then further October 26, 2021, Robinhood announced its financial results for the third quarter of 2021. The report revealed that Robinhood’s total net sales in the third quarter almost fell short of Wall Street estimates $73 million, as crypto transaction revenue added up $51 million, down 78% from the previous quarter. Robinhood also reported decreases in its monthly active users (“MAUs”), funded accounts, assets under custody and average revenue per user. Following this news, Robinhood’s stock fell $4.13 per share or 10.44% at close $35.44 per share October 27, 2021.
Then further November 8, 2021, Robinhood announced that it had suffered a “data security incident”. November 3, 2021, and admitted that an “unauthorized third party” obtained email addresses of approximately five million users and the full names of another group of approximately two million users, suggesting that the attack may have affected nearly 40% of MAUs affected by Robinhood. Robinhood stock fell over 3% after this news November 9, 2021 close $36.70 per share before falling another 6% to close $34.49 already the next day. At the time the first complaint was filed, Robinhood’s stock was trading as low as $17.08 per share or over 55% below the $38 IPO price.
WHAT CAN I DO?
Robin Hood Investors can not later than February 15, 2022, seek to be appointed lead plaintiff representative in the class action by Kessler Topaz Meltzer & Check, LLP or other counsel, or may elect to do nothing and remain an absentee class plaintiff. Kessler Topaz Meltzer & Check, LLP encourages Robinhood investors who have suffered material losses to contact the company directly for more information.
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Who can be a lead plaintiff?
A Lead Plaintiff is a representative party acting on behalf of all Group Members in conducting the litigation. The lead plaintiff is usually the investor or small group of investors who have the greatest financial interest and who are also appropriate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and class, and such attorneys, where permitted by the court, are principal or class counsel. Your ability to participate in a recovery will not be affected by the decision whether or not to serve as Lead Plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP is pursuing class action lawsuits in state and federal courts across the country and around the world. The company has earned a global reputation for excellence, recovering billions of dollars from victims of fraud and other corporate wrongdoing. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, wrongdoing and negligence on the part of companies and fiduciaries. At the end of the day, if the bad guys pay and you get your fortune back, we’re done. The action in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Additional information about Kessler Topaz Meltzer & Check, LLP is available at www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Radnor, PA 19087
(844) 887-9500 (toll free)
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SOURCE Kessler Topaz Meltzer & Check, LLP