Bursor & Fisher P.A. Announces Pendency of Federal Securities Claims Against Robinhood and Related Lead Plaintiff Deadline

MIAMI--(BUSINESS WIRE)--Bursor & Fisher, P.A., a consumer rights litigation firm, announces that a lawsuit is pending in the Southern District of Florida alleging that Robinhood Financial, LLC, Robinhood Securities, LLC, and Robinhood Markets, Inc. (“Robinhood”) prohibited “their customers from buying multiple publicly traded stocks, including but not limited to GameStop (“GME”), AMC Entertainment (“AMC”), American Airlines (“AAL”), Nokia (“NOK”), BlackBerry Limited (“BB”), Bed Bath & Beyond (“BBBY”), Express (“EXPR”), Koss Corporation (“KOSS”), Naked Brand Group (“NAKD”), Sundial Growers, Inc., (“SNDL”), Tootsie Roll Industries (“TR”), and Trivago NV (“TRVG”) (collectively, the “Stocks”), during an unprecedented rise in valuation for the aforementioned Stocks” in January 2021, in violations of federal securities laws. The lawsuit alleges violation of Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78(j)(b), and Rule 10b-5 promulgated thereunder by the SEC. 17 C.F.R. § 240.10b-5. The lawsuit, captioned Quat, et al. v. Robinhood Financial, LLC, et al., is pending in the Southern District of Florida under docket number 1:21-cv-21404. It has been consolidated into the multidistrict litigation In re: January 2021 Short Squeeze Trading Litigation, Case No. 1:21-md-02989-CMA (S.D. Fl.).

The federal securities claims are brought on behalf of all persons within the United States who purchased one or more of the Stocks through Robinhood on or before January 28, 2021.

Pursuant to the Private Securities Litigation Reform Act (“PSLRA”), 15 U.S.C. § 78u-4(a)(3)(A)(i)(II), any member of the purported class seeking to serve as lead plaintiff of the purported class shall, no later than 60 days after the date on which this notice is published, move the Court for appointment as lead plaintiff and approval of lead plaintiff’s selection of lead counsel. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice.

If you wish to discuss this action, Sarah N. Westcot of Bursor & Fisher P.A. may be contacted at 305-330-5512 or through [e-mail].