GameStop

April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/robinhood-finalizes-meme-stock-settlement" data-wpel-link="internal" rel="noopener noreferrer nofollow">Robinhood Finalizes Meme Stock Settlement</a><br></p>
<p style="text-align: justify">Robinhood, a popular trading platform, is nearing the completion of a settlement with investors who filed a lawsuit against the company for halting trades of certain meme stocks, including GameStop, in early 2021. The firm’s attorneys informed a Miami federal court on May 28 that the settlement with the investor group is in the final stages, anticipating an agreement and case dismissal within two weeks.</p>
<h2 id="what-led-to-the-lawsuit">What Led to the Lawsuit?</h2>
<p style="text-align: justify">The exact terms of the settlement have not been disclosed, and representatives for Robinhood and the investor group have not commented. The lawsuit, led by Blue Laine-Beveridge, alleges that Robinhood’s restriction on certain stocks between January 28, 2021, and February 4, 2021, constituted illegal market manipulation, leading to billions in lost investor equity.</p>
<p style="text-align: justify">Investors affected by Robinhood’s actions held shares in companies like GameStop, AMC, Bed Bath &amp; Beyond, BlackBerry, Nokia, trivago, Koss, Express Inc., and Tootsie Roll. The lawsuit is part of a larger series of legal actions across the U.S. addressing Robinhood’s conduct regarding meme stocks.</p>
<h2 id="settlement-developments">Settlement Developments</h2>
<p style="text-align: justify">This settlement follows a decision by U.S. District Judge Cecilia Altonaga, who denied investors’ motions for class certification twice, once in April and previously in November. This legal hurdle was a significant factor leading to the current settlement negotiations.</p>
<h2 id="key-points-of-interest">Key Points of Interest</h2>
<p style="text-align: justify"><strong>Insights for Investors:</strong></p>
<ul>
 <li>Understand the implications of trading halts on market equity.</li>
 <li>Track legal developments in securities law for potential impacts on trading platforms.</li>
 <li>Monitor the performance and volatility of meme stocks like GameStop and AMC.</li>
 <li>Stay informed about influential traders and market movements driven by social media.</li>
 <li>Evaluate the risks and benefits of engaging in highly speculative stock trading.</li>
</ul>
<p style="text-align: justify">GameStop and AMC, often referred to as meme stocks, gained notoriety in early 2021 when social media-driven buying sprees caused their prices to soar. A notable contributor to this phenomenon was Keith Gill, known as Roaring Kitty, whose return to social media in May sparked renewed interest in GameStop, briefly boosting its <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">stock price</a>.</p>
<p style="text-align: justify">Despite the initial surge, GameStop shares have since declined significantly, closing at $21.24 on May 29, a drop of over 50% from previous highs, and continued to fall in after-hours trading.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/robinhood-finalizes-meme-stock-settlement" data-wpel-link="internal" rel="noopener noreferrer nofollow">Robinhood Finalizes Meme Stock Settlement</a></h5>

Robinhood Finalizes Meme Stock Settlement

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