The Law Offices of Frank R. Cruz Announces Investigation of Robinhood Markets, Inc. (HOOD) on Behalf of Investors
The Law Offices of Frank R. Cruz Announces Investigation of Robinhood Markets, Inc. (HOOD) on Behalf of Investors
LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Robinhood Markets, Inc. (“Robinhood” or the “Company”) (NASDAQ: HOOD) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On or about July 30, 2021, Robinhood conducted its IPO, offering 55 million shares of its common stock to the public at a price of $38 per share.
On October 26, 2021, after the markets closed, Robinhood released its third quarter financial results, revealing that its total net revenue had missed analyst estimates by nearly $73 million. The company also disclosed that transaction based revenue from cryptocurrency trading, which had earned $233 million in the second quarter before the IPO, had decreased to $51 million in the third quarter.
On this news, Robinhood’s stock fell $4.14, or 10%, to close at $35.44 per share on October 27, 2021, thereby injuring investors.
Then, on November 8, 2021, after the markets closed, Robinhood revealed that it had suffered a “data security incident” on November 3, 2021, in which an unauthorized third party had gained access to email addresses for approximately five million users and full names of around two million users – nearly 40% of Robinhood’s users.
On this news, Robinhood’s stock declined $3.49, or 9%, over the next two consecutive trading days to close at $34.49 per share on November 10, 2021, thereby injuring investors further.
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If you purchased Robinhood securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
