NEW YORK, NY / ACCESSWIRE / January 28, 2021 / Levi & Korsinsky, LLP, a national securities law firm that has recovered hundreds of millions of dollars for investors, announces that it has commenced an investigation on behalf of investors against Robinhood and other popular retail trading platforms, who invested or were prevented from investing in NOK, BBBY, GME and other stocks pursuant to trading bans on these stocks.
On January 28, 2021, customers of Robinhood and other popular trading platforms claimed that they were being blocked from purchasing shares of Nokia Corporation (NYSE:NOK), Bed Bath & Beyond Inc. (NASDAQ:BBBY), GameStop Corp. (NYSE:GME), and other securities that are being heavily shorted by institutional investors.
Recently, retail investors have turned the tables on Wall Street by buying up stocks heavily shorted by hedge funds such as Melvin Capital, causing increased volatility and short-squeeze losses to these institutional investors. However, on January 28th, Robinhood announced that retail investors could no longer purchase certain stocks, such as BBBY, GME, NOK and others, and raised margin requirements for certain securities.
The inability to trade shares has sparked outrage across social media, as users took to Twitter to vent their frustrations, stating:
"You can no longer buy GameStop stock on Robinhood. Ditto Nokia, AMC, and all the other stocks that had been shorted."
Another said: "The free market is only free until rich people lose money."
In response to these actions, Dave Portnoy, the founder of the sports and pop culture blog Barstool Sports, released a series of tweets questioning Robinhood's integrity and agenda. He called for retail investors not to close their positions.
On January 28, GameStop traded down 55%, and Bed Bath & Beyond (NASDAQ: BBBY) was down 39% amid the Robinhood restrictions.
To learn more about this investigation and your rights if you believe you have suffered losses, go to: https://www.zlk.com/pslra-1/robinhood-and-other-retail-brokers-class-action-information-request-form.
Levi & Korsinsky is a nationally recognized firm with offices in New York, Connecticut, California, and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities lawsuits and have recovered hundreds of millions of dollars for aggrieved shareholders. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
[email protected]
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
SOURCE: Levi & Korsinsky, LLP,