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The Rosen Law Firm, P.A. Defeats Motion to Dismiss in Robinhood Securities Class Action

Business Wire - Fri Aug 19, 2022

On August 10, 2022, the United States District Court for the Southern District of Florida denied, in part, the motion to dismiss filed in the Federal Securities Tranche of the multidistrict litigation, In re January 2021 Short Squeeze Trading Litigation, 1:21-md-02989 (S.D. Fl.).

On November 30, 2021, The Rosen Law Firm, P.A. filed a consolidated class action complaint against Robinhood Markets, Inc., Robinhood Financial, LLC and Robinhood Securities, LLC (collectively, “Robinhood”) on behalf of investors who held common stock in AMC Entertainment Holdings, Inc. (NYSE: AMC), Bed Bath & Beyond Inc. (NASDAQ: BBBY), BlackBerry Ltd. (NYSE BB), Express Inc. (NYSE: EXPR), GameStop Corp. (NYSE: GME), Koss Corp. (NASDAQ: KOSS), Tootsie Roll Industries Inc. (NYSE: TR), or American Depositary Shares of foreign-issuers Nokia Corp. (NYSE: NOK) and Trivago N.V. (NASDAQ: TRVG) (collectively “the Affected Stocks”) as of the close of trading on January 27, 2021, and sold such shares at a loss between January 28, 2021, and February 4, 2021 (the “Class”).

In its order upholding investors’ market manipulation claims, the Court held that investors adequately alleged that Robinhood manipulated the market for the Affected Stocks and artificially depressing their share prices by restricting trading in the stocks, cancelling purchase orders, closing out call options early, and selling shares to meet margin requirements. The lawsuit asserts that because of Robinhood’s market manipulation, the share prices of the Affected Stocks dropped significantly, and many investors sold their shares at depressed prices.

If you sold any of the Affected Stocks (AMC; BBBY; BB; EXPR; GME; KOSS; TR; NOK; or TRVG) between January 28, 2021 and February 4, 2021 and have questions concerning your legal rights or your ability to participate in the Class action please contact Michael Cohen, Esq. toll-free at 866-767-3653 or email mcohen@rosenlegal.com or go to https://rosenlegal.com/case/robinhood/ for further information.

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

Provided Content: Content provided by Business Wire. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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