Fun

News Feed - 2023-11-15 09:11:08

Amaka Nwaokocha11 hours agoRobinhood meme stock punters denied class suit certificationA court has rejected a motion requesting class action certification from investors pursuing legal action against Robinhood.2733 Total views33 Total sharesListen to article 0:00NewsJoin us on social networksInvestors pursuing legal action against Robinhood over trading restrictions imposed in early 2021 have faced another setback after the United States District Court for the Southern District of Florida rejected a request for class certification by the plaintiffs on Nov. 13, 2023.


Chief Judge Cecilia Altonaga said that after thoroughly considering the written submissions, record and relevant law, the plaintiffs’ motion was rejected because they could not persuade the court that issues of individualized reliance would not be prevalent.


Robinhood is a platform that provides commission-free trading for stocks, exchange-traded funds, options and cryptocurrencies. Users can trade these financial instruments via its app or website without incurring traditional fees.


The plaintiffs aimed to certify a class asserting market manipulation claims under federal securities laws against Robinhood Markets, Robinhood Financial and Robinhood Securities.


The lawsuit centers on accusations of market manipulation by Robinhood, stemming from its trading limitations in early 2021 during the “meme stock” short squeeze. Heightened market volatility in January 2021 led regulators to increase deposit requirements for clearing brokers, including Robinhood, to mitigate the risks associated with unexecuted trades.


Robinhood could not meet the increased deposit requirements and pursued an alternative solution to satisfy regulators. Regulators granted a waiver for the deposit requirements contingent on Robinhood implementing restrictions on its customers’ ability to trade specific stocks.


The platform attributed its restrictions to market volatility, vehemently denying any liquidity issues. Plaintiffs claim the platform manipulated the market by imposing restrictions, presenting “half-truths” about volatility while conveniently omitting any acknowledgment of liquidity challenges.


Related:Cathie Wood’s ARK bags 1.1M Robinhood shares in one day


Robinhood urged the court to reject class certification, citing deficiencies in the class representatives and asserting that individualized issues of reliance and damages will overshadow common concerns. The plaintiffs contended that their representatives are sufficient, and the case is suitable for class certification.


The court acknowledged that, for the most part, the plaintiffs have shown that the case and their representatives are suitable for class treatment. However, they could not persuade the court that issues of individualized reliance would not be prevalent.


Magazine:Blockchain games aren’t really decentralized… but that’s about to change# Law# Business# Robinhood# MemecoinAdd reactionAdd reactionRead morePay and dump? How businesses accepting crypto payments influence adoptionHistory tells us we’re in for a strong bull market with a hard landingUS lawmaker proposes to cut SEC Chair Gary Gensler’s salary to $1

News Feed

Prashant Jha32 minutes agoIRS crypto tax reporting rules threat to industry — Coinbase legal chiefThe IRS proposed the new crypto tax reporting rules in August, and if approved, the new crypto tax regime will come into
CEO of MTI Bitcoin Ponzi Scheme Flees South Africa in Possible Exit Scam – Funds Blocked
CEO of MTI Bitcoin Ponzi Scheme Flees South Africa in Possible Exit Scam – Funds Blocked In an unexpected turn of events, the management team at Mirror Trading
Citadel, Charles Schwab, Fidelity Join Forces to Build Cryptocurrency Trading Platform
Citadel, Charles Schwab, Fidelity Join Forces to Build Cryptocurrency Trading Platform Citadel Securities and Virtu Financial are reportedly building a cryptocurrency trading platf
Dogecoin’s Darkest Hour? Sentiment Tanks, Whales Accumulate
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Terraform Labs was ‘built on lies’ — SEC at trial
Turner Wright5 hours agoTerraform Labs was ‘built on lies’ — SEC at trialThe civil trial between the U.S. Securities and Exchange Commission and Terraform Labs entered its tenth day without the attendance of Do Kwo
Ana Paula Pereira2 hours agoCurve, Metronome and Alchemix offering 10% bug bounty on Vyper hackThe exploit on July 30 resulted in the theft of roughly $70 million in cryptocurrencies, bringing the bounty close to $7 mill
Logan Paul denies CryptoZoo scam, Munchables boosts security: Nifty Newsletter
Ezra Reguerra5 hours agoLogan Paul denies CryptoZoo scam, Munchables boosts security: Nifty NewsletterNFT game Munchables is reworking its multisig and restructuring its team after a hacking incident costing millions of
Decentralized Storage Market Launches on Crust Network
Decentralized Storage Market Launches on Crust Network press release PRESS RELEASE. Decentralized storage is a crucial infrastructure in the technical field. With
Navigating post-halving landscape: What to expect for Bitcoin price and network security
Tristan Greene5 hours agoNavigating post-halving landscape: What to expect for Bitcoin price and network securityWith the April Bitcoin halving looming, the future is as uncertain as ever.10598 Total views3 Total sharesL
SEC Charges Token Listing Website With Unlawfully Touting Crypto Securities
SEC Charges Token Listing Website With Unlawfully Touting Crypto Securities The U.S. Securities and Exchange Commission (SEC) has charged a token listing website
SEC breaks from past policy guidelines in Uniswap crackdown
Ana Paula Pereira6 hours agoSEC breaks from past policy guidelines in Uniswap crackdownThe U.S. SEC Wells notice against Uniswap raises questions about consistency in policy enforcement.11240 Total views9 Total sharesLis
Joe Hall9 hours agoFree Bitcoin on Zaps experiment — but what are Zaps?Why a Canadian Bitcoin advocate is giving out free Bitcoin tips, or Zaps, to people around the globe — and why the Zap trend is catching on.2637