Levi & Korsinsky, LLP announces that a HOOD class action lawsuit has been filed on behalf of investors who purchased Robinhood Markets, Inc. (HOOD) pursuant and/or traceable to the Company’s initial public offering conducted in July 2021. For more on the HOOD Lawsuit please contact us today.
According to the lawsuit, documents that the Company issued in connection with its IPO contained representations that were materially inaccurate, misleading, and/or incomplete because they failed to disclose that, at the time of the IPO, Robinhood’s revenue growth was experiencing a major reversal, with transaction-based revenues from cryptocurrency trading serving only as a short-term, transitory injection, masking what was actually stagnating growth. In addition, the Company’s “significant investments” in enhancing the reliability and scalability of its platform were patently inadequate and/or defective, exposing Robinhood to worsening service-level disruptions and security breaches, particularly as the Company scaled its services to a larger user base.
If you suffered a loss in you have until February 15, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.