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We Are Preparing a Class Action Lawsuit Against Robinhood
- tinyhouse 6y agoI wonder what all of this means to Robinhood's planned IPO.
- CobrastanJorji 6y agoIf I had to guess, I'd say it's a net positive. Robinhood is now all over the press at the cost of a lawsuit from a bunch of Redditors who allege Robinhood can manipulate the stock market.
- tinyhouse 6y agoNot sure I agree. The attention their shady business model is getting now is not something they would've liked. I'm also not sure what it means to their user growth. One one hand they are getting a lot of press which can help them gain more users. On the other hand, the press they are getting is not positive and their app ratings are going down (Google/Apple would likely give them some protection but they cannot block negative ratings forever). If many traders start migrating to other trading solutions it can have a snowball effect.
- Tenoke 6y agoIs there a complete list of all brokers which stopped offering GME? I see reports all over the place but it's hard to track whether some just blocked options or on the margin, which reports are true etc. Edit: Best Ive found so far https://www.reddit.com/r/wallstreetbets/comments/l72tfu/robinhood_alternatives_upvote_for_visibility/ https://www.reddit.com/r/wallstreetbets/comments/l72tfu/robi...
- second--shift 6y agoIt'll be all brokers who use Citadel for liquidity - I'm blocked on several major brand-name brokerages. I don't have a position in GME, but i can only route "closing" orders - no opens.
- woliveirajr 6y agoThis. If your business is to provide a trading platform, you can't forbid your clients of doing the business they want, with their money. You step in the middle of the process, you're liable for your interference.
- CameronNemo 6y agoThe thing is ... If you don't step in, you could be liable. Let's not pretend that US financial regulation is fairly, evenly, or even logically applied.
- offby37years 6y agoLiable for what exactly in this instance?
- techwizrd 6y agoSome folks on WSB may know what they're doing, but many folks are joining Robinhood and buying GME and AMC due to the hype and that they heard they can make a quick buck. When GME eventually crashes, many of them will lose a fair bit of money and blame Robinhood for the poor experience.
- frmrktTho 6y agoThis is not a concern specific to gme If Citizens United says money is speech, the financial system effectively has no guard rails Except when it does for the institutions
- fennecfoxen 6y agoYou have been reading too many memes. Citizens United does not say money is speech. Citizens United says specifically that when a bunch of people take their money and get together and start a new corporation (Citizens United) (a not-for-profit corporation in this case, though not a charity) and the corporation proceeds to engage in political speech (by filming a movie named Hillary: The Movie)... then the corporation, as an entity, is considered to have the rights like the right to free speech, because it is owned by people who have rights, and this is a way for those people to exercise those rights together. Therefore this political speech is protected by the First Amendment, and restrictions on it are evaluated on the standard of strict scrutiny, and the FEC cannot halt this distribution just because the corporation was using money to make it happen. (You will notice that people are not allowed to band together and exercise the right to vote, and thus corporations don't get to vote.)
- whoisburbansky 6y agoDo they realistically stand a chance given that what Robinhood did is technically covered by their TOS? Are we finally going to get answers on how legally binding TOSses are?
- airstrike 6y agoA TOS doesn't write law
- DamnYuppie 6y agoCorrect. My very remedial understanding of law is that two parties can't enter into a legal agreement that violates existing laws or statutes.
- dalbasal 6y agoThere is no the answer, but we sure might get an answer.
- Spivak 6y agoAnd the commenters in the thread are claiming that RH is cancelling orders and trying to pretend that the cancellations were user-initiated which I think opens up a whole other bag of worms.
- offby37years 6y agoAfter eviscerating their most fervent users they are all but ruined either way. Retail is quickly learning the true cost of "commission-free" investing.
- f430 6y agolike the saying: If the product is free, YOU are the product.
- ta1234567890 6y ago> Retail is quickly learning the true cost of "commission-free" investing. But what is the alternative? Other brokers (eg TD) have done the same as Robinhood. So what is retail to do? It seems like anywhere people would attempt to do something like what’s been going on with GME, would respond in the same way as RH to the pressure of the powers that be.
- artembugara 6y agoI believe there will be a big journalist investigation about how some pretty influential investors made Robinhood management do what they did. Because someone was loosing billions because of it.
- toomuchtodo 6y agoCitadel, who is on the losing side of the short GME trade, is who Robinhood sells order flow to. Make of that what you will. https://finance.yahoo.com/news/citadel-point72-back-melvin-2-203509666.html https://finance.yahoo.com/news/citadel-point72-back-melvin-2... (Citadel, Point72 Back Melvin With $2.75 Billion After Losses) https://www.cnbc.com/2020/08/13/how-robinhood-makes-money-on-customer-trades-despite-making-it-free.html https://www.cnbc.com/2020/08/13/how-robinhood-makes-money-on...
- mywittyname 6y agoOof. It looks like a duck, and it is starting to sound like a duck. I wonder if it's a duck?
- luxuryballs 6y agoSo all it takes for a sound false flag attack conspiracy theory is for some sweeping legislation and some insight into which specific user accounts started this whole ordeal, not too dissimilar from the Capitol invasion and what has followed so far... heck it already seems clear if something isn’t beneficial for the oligarchy the media would bury it very quickly rather than fluffing it up to high heaven!
- lucasverra 6y agoThere is one I've seen in twitter, might join that one ? https://twitter.com/redditinvestors/status/1354844201721196547?s=20 https://twitter.com/redditinvestors/status/13548442017211965...
- ogre_codes 6y agoThere is a fantastic quote in the comments: >> The ones with laughably ironic names. “Robinhood” working for the rich to spite the poor. I find this whole drama bizarre. I suspect there is going to be a huge pile of shattered portfolios at the end of this mess.
- llaolleh 6y agoI agree. The ultimate irony is that their mission is to democratize finance.
- ogre_codes 6y ago> The ultimate irony is that their mission is to demon-atize finance. The above is what I read at first glance which seemed appropriate.
- whoknew1122 6y agoRobinhood's mission is to gamify day trading. Don't let the pretty mission statements obfuscate the truth.
- paulddraper 6y agoSeems like a game to me.
- variaga 6y agoCorrect - Robinhood's _marketing_ was "we'll democratize finance". Robinhood's _purpose_ was to sell order-flow information to the hedge funds. Retail investors were never the customer, always the product. This is like a mouse complaining about the "irony" of a mousetrap abandoning its mission of cheese-distribution.
- scruple 6y agoLike Facebook and Google's users, Robinhood's clients are the product. They've now learned that truth the hard way.
- rvz 6y agoAfter Melvin Capital loses billions with their naked shorts, Citadel and other hedge funds short selling take over to pulls the strings from underneath some trading apps, including Robinhood. Will be interesting to see where this lawsuit will go, since it looks like a clear coordinated manipulation of heavily shorted stocks and blocking everyone else from buying them. Rigged from the beginning. But we'll see what happens with this lawsuit. I guess someone is only letting the hedge funds trade rather than their own customers. [0] [0] https://twitter.com/RobinhoodApp/status/712708069369782272 https://twitter.com/RobinhoodApp/status/712708069369782272
- gowld 6y agoWhat naked shorts? Do you have any evidence for these claims?
- mmastrac 6y agoI think the fact that Gamestop is >100% shorted suggests that there is naked short selling happening _somewhere_. Clearly there were shenanigans. EDIT: apparently multiple lending of shares does happen and Overstock sued over this [1] [1] https://www.courthousenews.com/overstock-com-settles-short-sales-litigation/ https://www.courthousenews.com/overstock-com-settles-short-s...
- greenshackle2 6y agoYour link explains what actual naked shorting is, you should read it. It says nothing about re-lending. Naked shorting is not "re-lending", it's a very specific technical thing where you sell the stock without owning or borrowing it at all. Naked shorting results in failure to deliver. Stock trades settle a couple of days after execution, so what it means in practice is that Alice "buys" the stock from Charlie, then 2 days later when settlement should happen and the share and money are supposed to actually change hands, Charlie goes oops I don't actually have the stock. Then the trade is undone. In effect Charlie duped Alice into a fake trade that artificially depressed the market price. It's an egregious market manipulation tactic and has nothing in common with the practice of lending or re-lending shares, in fact there is not a single share involved at all. If you fail-to-deliver enough you'll get booted by other market participants and/or the SEC.
- runawaybottle 6y agoRobinhood’s user experience is so nice on mobile that I don’t even feel like switching.
- Avalaxy 6y agoA nice user interface is of no use if you can't use said user interface to do any actual trades (the whole reason you are with them).
- runawaybottle 6y agoWhich makes he hope that RH figures this out and weathers this. That app and user experience is so painless that it would be a shame to let it go to waste.
- natrik 6y agoAbsolutely disgusting what Robinhood did. PR Puff Piece by Robinhood - https://blog.robinhood.com/news/2021/1/28/keeping-customers-informed-through-market-volatility https://blog.robinhood.com/news/2021/1/28/keeping-customers-... Keeping people safe from themselves. Stocks where Retail investors are blocked from buying by TD Ameritrade, Robinhood, etc. yet hedge funds and others are free to continue... Just yesterday Discord bans the WallStreetBets community. Note: I held a few positions in some of these volatile stocks
- paulddraper 6y ago> Our mission at Robinhood is to democratize finance for all. Sounds great! > Amid significant market volatility, it’s important as ever that we help customers stay informed. Excellent, thanks for the information. > We fundamentally believe that everyone should have access to financial markets. so...... > we are restricting transactions for certain securities to position closing only :/
- exclusiv 6y agoExactly. Trading halted when it was going up. But no problem letting it plummet down to 112 earlier when most could only sell.
- ww520 6y agoDiscord has had significant investment from FirstMark Capital, Greenoaks Capital Partners, Index Ventures, IVP, Greylock Partners, Benchmark, Accel, General Catalyst, Ridge Ventures, Spark Capital, and Tencent Holdings. How much you want to bet they also involve with the hedge funds?
- threedots 6y agoI can tell you with some confidence that no partner at any of those funds could care less what some public market long/short outfit thinks and vice versa. Both of these groups of people invest money and that's about where the similarity ends.
- tiahura 6y agoDo I have this right?: 1. Robinhood's TOS explicitly gives them the right to do this. 2. Robinhood is free. 3. Any alleged harm could be mitigated by using another service. And attorneys wonder why we're held in lower regard than used car salesman.
- vorpalhex 6y agoA TOS isn't law. What Robinhood did altered the market price of several major stocks including AMC and BB. They will almost certainly be getting yet another SEC investigation. Being free doesn't allow you to commit crimes.
- gowld 6y agoWSB altered the market price far more than RH did.
- antonzabirko 6y agoWSB is not an entity though
- paulddraper 6y agoWSB isn't a brokerage; it's an investment forum. But sure, sue Reddit too if you want. You'd still have the RH manipulation.
- zucker42 6y agoWSB is a forum, not a person or company.
- gowld 6y agoIt's a group of people coordinating activity.
- Lewton 6y agoBy participating in the market
- deleted 6y ago[deleted]
- warent 6y agoAn app called Robinhood, named after the archetype of a man who took from the rich and gave to the poor, now blocking people from taking from the rich. I hope the irony is not lost on the general public. Robinhood needs to rebrand and/or fix their internal mission statement.
- notsureaboutpg 6y agoRobinhood turned out to be Batman all along...
- undefined1 6y ago>Robinhood needs to rebrand Sheriff of Nottingham™
- malandrew 6y agoIt was a bit more nuanced than taking from the rich to give to the poor. Robin Hood took from the tax collectors and gave the money back to those from whom the tax collectors stole.
- snarf21 6y agoThis is amusing but to be clear the "poor" they were trying to help was always themselves.
- schnable 6y agoIs this right? Most of these people pumping up and holding aren't going to get paid, they are going to lose their money when the stock finally deflates. That would be the same whether they halted trading or not.
- SirLJ 6y agoJust walk away from Robinhood, if you are not happy, close the account and move the money away, this will really heart them...
- thebruce87m 6y agoIt’s not just them. Trading 212 have pulled the same shenanigans.
- stevespang 6y agoWhy just Robinhood ? Against ALL brokerages. It is being reported that most brokerages who already operate in private conspiracy with the big institutions and hedge funds have disallowed trading in the stock pick buys participated in by millions of traders at reddit/wallstreetbets which will likely result in additional litigation for MARKET MANIPULATION by the brokerages readily apparent 1-27-21 forward, in effect allowing big institutions and hedge funds continued access to the markets while shutting out smaller retail traders (more censorship - cancel culture), notwithstanding scores of smaller retail traders already in positions and unable to exit those positions will leave them liable to being crushed by big institutions as prices go against them. New regulations should be enacted forbidding this type of behavior as supposedly allowed by TOS. Lots of false and misleading things which won't stand up to legal scrutiny can be written in TOS.
- tinyhouse 6y agoExchanges have breaks in place and can halt trading for certain stocks. I think it made sense to halt trading given what happened yesterday. But it's not Robinhood's job.
- cbarill 6y agoTo be clear, Robinhood did not "halt trading" on these stocks, they disabled buying while allowing users to still sell shares. This effectively encourages users to sell.
- SnowProblem 6y agoThat's right. Yet I just listened to CNBC report Robinhood stopped trading on Gamestop to prevent people from selling. An honest mistake I'm sure.
- the_pwner224 6y agoThat's a very bad analogy. Exchanges can halt trading. They can say: hey, some crazy stuff is going on here, everyone take a 15 minute time out to think about it before you continue. Robinhood prevented buying. That is very, very different than stopping trading. While Robinhood's action might not legally be 'market manipulation', it certainly does result in the market being manipulated. People who were not using Robinhood would have their PnL significantly affected since a lot of pressure on the stock price was coming from buyers on RH.
- ww520 6y agoThey halted the buying not the selling. That's a clear case of market manipulation.
- JamesSwift 6y agoThis is _very_ different. They halted _only_ buying, and if I wanted to buy via another brokerage I would need to wait 5 days for funds to clear in Robinhood before I could even withdraw. So they effectively shut off demand but kept supply the same, and there is absolutely no other result that can occur other than the price tanking.
- OliverGilan 6y agoCountless times I've seen users on Hacker News mock DeFi and crypto for recreating the same financial instruments that we already have. I hope today has shown people just how much we need to recreate these instruments (and more) in a decentralized open manner.
- the_pwner224 6y agoThat's be great. But unfortunately being decentralized and open will not stop the government regulating it. And the government will (unfairly, as shown by the current situation) regulate it if it gets big enough.
- Karunamon 6y agoThey can make their ruling, now let them enforce it. I don't mean that as some pithy throwaway, I mean that they lack the resource and ability. It is quite possible (and quite easy) to buy and sell crypto without ever getting involved with a KYC privacy invasion. A crypto transaction involves sending a few hundred bytes of data onto a distributed network, and good luck shutting that down. Keep in mind that governments historically have a poor record of preventing people from sending and receiving data they'd prefer you didn't.
- the_pwner224 6y ago> It is quite possible (and quite easy) to buy and sell crypto without ever getting involved with a KYC privacy invasion. And it used to be the same way for bank accounts. Now it isn't, because the government decided that it didn't like that. At some point the crypto needs to be converted into USD - either so you can pay someone who doesn't accept crypto, or so the business who accepted crypto can deposit safe nonvolatile USD into their bank account. And the government will regulate it there at the transfer point. The other option is that a cryptocurrency replaces USD, becoming the new de-facto currency. The government and the people/corporations who are in control of the economy won't allow that to happen. I don't think that last claim needs to be backed up with any more facts/arguments, it is very obviously true.
- sgregnt 6y agoIt's not just Robinhood, I'm on Schwab and they blocked the GME stock from teading this morning (probably sell is till open)
- themodelplumber 6y agoI heard this about another brokerage, too... Maybe not such great news for that lawsuit?
- sgregnt 6y agoNot sure about either way. One thing did look interesting to me: the messages when trying to buy/ short the stock on Schwab looked strange. This might be indicative that they did not have a suitable system in place to interfere with the trading so drastically? Initially it would say the stock ticket is wrong then after trying a few minutes later I trying short selling it would say the margins are not met (however I had more than 1000% margins) and finally it said the trading is restricted because of high volatility.
- themodelplumber 6y agoThat's pretty weird. It sounds like something that had to be improvised on their end. It does seem like there was some outside intervention: - Multiple brokerages making these types of decisions, not just one - Brokerages appearing to improvise (i.e. looking strange, maybe not tested out much beforehand) technical ways to send this new message - Brokerage messaging and decision-making policy appearing to be volatile by itself (!) - Claims (nothing substantiated) that e.g. government heads were involved in making the call These factors seem to add up, so it's interesting to watch this unfold.
- blululu 6y agoIt might help the defense but ultimately the percentage of GameStop’s stock that is traded/held on RobinHood is very high (it is most of the market) and restricting trades on the platform is likely to cause serious losses to their customers. All the ingredients of a securities fraud case are present and the company stands to lose its entire business over the lawsuit.
- duxup 6y agoI'm highly skeptical of the whole Gamestop saga and populist fever surrounding it. Having said all that... I don't think a trading platform allowing you to buy / sell stocks should be able to arbitrary decide when you can buy and sell without some reasonable reason that applies to everyone.
- safog 6y agoI was just sort of following the whole circus without any interest (maybe a slight short interest even) and even I'm really angry at how this has been done. Absolutely disgusting, people need to go to jail for this, you can't get away with punitive fines that are less than what the hedge funds would've lost on the trade itself. I hope regulators step in and preserve all correspondence + records on why this decision was made. But somehow, I don't think this will happen. They will lose documents, texts and chats mysteriously and that will be that. Only hope is whistleblowers leaking stuff to the media.
- fortran77 6y ago> I'm friends with a lawyer who says we have a good case for a class action lawsuit. There's a huge chasm between "I'm friends with a lawyer" and "we are preparing a class action suit."
- 2bitencryption 6y agoI clicked the link, but I see no evidence of an actual lawsuit being filed? Instead I see a meme forum that glorifies poor decision making, with a post saying "My friend is a lawyer and she says we have a good case?" Don't get me wrong, I've got my popcorn ready to go on this. But I thought from the title this would be a mod-post with actual details for a real lawsuit, not just some guy saying what people want to hear.
- aryamaan 6y agoNot sure if this is legit: https://www.courtlistener.com/recap/gov.uscourts.nysd.553175/gov.uscourts.nysd.553175.1.0.pdf https://www.courtlistener.com/recap/gov.uscourts.nysd.553175...
- aynyc 6y agohttps://www.courtlistener.com/recap/gov.uscourts.nysd.553175/gov.uscourts.nysd.553175.1.0.pdf https://www.courtlistener.com/recap/gov.uscourts.nysd.553175...
- SirLuxuryYacht 6y agoMy only question is how this will be viable since the RH user agreement states: >>"I understand that Robinhood may at any time, at its sole discretion and without prior notice to Me: (i)prohibit or restrict My access to the use of the App or the Website or related services and My ability to trade, (ii) refuse to accept any of My transactions, (iii) refuse to execute any of My transactions, or (iv)terminate My Account. " [0]: https://cdn.robinhood.com/assets/robinhood/legal/RHF-RHS%20User%20Agreement.pdf https://cdn.robinhood.com/assets/robinhood/legal/RHF-RHS%20U...
- scythe 6y agoThose sections seem to deal with actions taken against an individual user, not actions that affect a stock's price. In theory if Robinhood's actions are illegal (don't know) and if they caused losses to holders of GME (don't know, but likely) then plaintiffs could include people who don't even have Robinhood accounts and never agreed to that.
- pnt12 6y agoMy understanding is Terms of Service have little significance in courts: whatever a company writes in its ToS, it must still comply with the laws. Facebook banning you due to some vague ToS? No problem, your access to Facebook isn't protected by law. An app which can affect your investments and finances? I don't know if I'm this case it's legal or no, but that's a whole different level.
- mmcwilliams 6y agoI think more to the point would be the arbitration agreement in section 38. Not condoning the behavior but it seems that kind of agreement might limit a class action suit.
- jariel 6y agoIf a Mall is rushed with 25 000 people in a day, you can be assured they will want to close the doors until the mob dissipates. The store owners, generally in favour of large crowds, are likely to agree because they don't want to be mobbed either. None of the companies involved here want their stocks to go on crazy volatile ride, it benefits almost nobody. People are conspiratorial about evil bankers pulling strings to stop this when basically everyone wants it to stop. Why do these people stampeding through the market thing that they are helping? It's very likely that the companies on the receiving end of this volatility want nothing to do with it.
- deleted 6y ago[deleted]
- fairity 6y agoMost people claiming that Citadel is pulling the strings seems to be missing the following facts: - Robinhood was one of many brokerages to implement trading restrictions. e.g. Bank of America/Merrill Edge also shut down buy orders for GME. Citadel does not have the same relationship with these other brokerages. So, to say Robinhood made their decision based on a conflict of interest doesn't hold water. - Just because Citadel accounts for $xx million of Robinhood revenue, doesn't mean Robinhood stands to lose $xx million if they piss off Citadel. There are plenty of other market makers willing to fulfill Robinhood's orders. Presumably these other market makers would pay slightly less than Citadel, but Robinhood would only stand to lose some small percentage of $xx million. Putting yourself in Robinhood's shoes, it makes little financial sense to comply with Citadel's demands even if Citadel attempted to coerce them into implementing these trade restrictions.
- dalbasal 6y agoIt's always true that the assumed conversations in smokey rooms are inaccurately reported. So sure, nothing about Citadel's role in this story is actually known. OTOH, in this case, it's genuinely hard to conceive of an alternative story that isn't a cabal story. Also, in practical terms... most of the action was on robin hood. If other brokers/originators/banks didn't shut down buys then this entire wallstreetbets craziness would flood in their direction. Q: Did BoM & Merrill Edge shut down trading on #wallstreetbetmadness stocks entirely, or just the buy side? One of the most damning things here is that robinhood only shut down buys. Seems like blatant market manipulation, but I don't really know the rules.
- reducesuffering 6y ago> Genuinely hard Actually incredibly easy. $GME isn't worth anywhere near $350 or $20B market cap. These people are in a world of hurt when you have WSB spinning stories and encouraging reckless behavior, where some are throwing their last $20,000 into it, which will eventually disappear to $100 unless they passed the buck to some other chump before it all blows up. RH could genuinely believe that the sooner the GME pump stops, the less damage is done to these extremely naive retail investors, because the future naive bagholders flooding in are prevented from throwing their little savings at it. Brokerage execution halting or not, this story has an incredibly obvious ending, and it's that some WSB pumpers will profit huge, some hedge funds will lose huge, but the majority of WSB will lose immensely.
- ibraheemdev 6y ago> Don't call yourself Robin Hood if you are going to turn your back on the folks in Sherwood forest after one phone call from the Sheriff of Nottingham https://mobile.twitter.com/cvpayne/status/1354820428217212934 https://mobile.twitter.com/cvpayne/status/135482042821721293...
- yongjik 6y agoLet me see if I understood it correctly: (1) If you're buying GME today, there's good (~50%?) chance you'll lose most of your money in two weeks. (Of course there's also a decent chance that you'll make out like a bandit, but I'm not worried about that.) (2) Moreover, if you're buying GME today, there's a very good chance that you're utterly convinced that you'll make a lot of money. (3) So, in two weeks, with high probability, these people will flood Robinhood's customer support, and something tells me that they won't take "What do you mean? You made your trade entirely on your own, and nobody can guarantee future prices!" as an answer. (Supporting evidence: see today's talk of lawsuit.) So, given all this, Robinhood is just limiting the amount of headache it'll face when the shit eventually hits the fan. Sound like good business decision to me.
- totalZero 6y agoThis is the "regular people are too dumb to play with the big-boy risk" approach to market access. It seems classist and doesn't really line up with my concept of the free market.
- yongjik 6y agoRegular people are too dumb to play with big risk, including you and me. There's a reason why most countries have a very tight control of gambling places, and that's not because they're classists. When gambling is allowed, the whole society suffers, because there will be a few lucky winners and many who just lost their life savings, and they still have to eat (and their families have to eat) so someone's tax payment is going to pay for them. I agree that it's a problem when "too big to fail" players get away with their shenanigans, but that's a separate problem, and you don't solve that problem by encouraging common folks to gamble away their wealth.
- totalZero 6y agoI've managed my fair share of big-boy risk. I personally believe myself to be qualified. People should be permitted to buy publicly traded corporate assets. Your gambling analogy doesn't apply here. Robinhood saw fit to approve these people for brokerage accounts (and in many cases options trading). They were allowed to walk into the exchange so to speak, up until the point that they found a favorable position that they wanted to keep trading despite elevated volatility. It's not the government's job to tell one class of people that they cannot participate in asset markets, while repeatedly bailing out a totally different class of people that blunders its role in the very same markets.
- mistersquid 6y agoRobinHood reopens GME trading [0] [0] https://twitter.com/RobinhoodApp/status/712708069369782272 https://twitter.com/RobinhoodApp/status/712708069369782272
- mistersquid 6y agoMy bad. I don’t know how to read Twitter.
- hehehaha 6y agoAs a Robinhood customer, please leave Robinhood. Please. I am so tired of dealing with r/wsb complaining about RH. They give you zero commish options. What more do you want?
- ignoramous 6y agoLike Sama so eloquently put it, "fuck robinhood". https://twitter.com/sama/status/1354842339336835074 https://twitter.com/sama/status/1354842339336835074
- betterunix2 6y agoGood luck with that, I'm sure the courts will be sympathetic when you come in with the "we were trying to manipulate the price of the stock, but then this brokerage, and a half dozen others, stopped us and we lost money!" argument.
- sitzkrieg 6y agothese people are cruising for a rude awakening in electronic trading risk agreements (or similarly worded agreements at signup)
- eric_b 6y agoRobinhood is easily the worst "broker" app I've ever seen. This is just the most public screwup in their long history of anti-user behavior. Why anyone continues to use RH I have no idea. The only other brokers where I've seen restrictions were against margin trading (which I think is fair and makes sense - gamble with your own money if you want, but not with ours). Maybe there are some other brokers behaving just as badly, but if the net consequence of this is that RH goes away, I don't think much of value was lost.
- shockabilly 6y agoHey i had 1k buy order on amc and game stop. I did not authorize a cancel order. I am not associated with any formal organization and i am an independent investor
- alexggordon 6y agoAt least one lawsuit has already been filed[0] with most likely more coming. I really don't see how Robin Hood can spin this in their favor, or recover from this from a PR standpoint. [0] https://www.courtlistener.com/recap/gov.uscourts.nysd.553175/gov.uscourts.nysd.553175.1.0.pdf https://www.courtlistener.com/recap/gov.uscourts.nysd.553175...
- zander312 6y agoRobinhood is automatically selling users shares https://twitter.com/555Sunny/status/1354854993946406917?s=20 https://twitter.com/555Sunny/status/1354854993946406917?s=20
- soheil 6y agoI don't think it's only Robinhood, I see other brokers blocking those stocks [0], not sure if it's fair to pile on just Robinhood. [0] https://twitter.com/convalytics/status/1354859301924438021 https://twitter.com/convalytics/status/1354859301924438021
- snowwolf 6y agoCan anyone explain why Robinhood don’t appear to have an anti class action clause in their terms? E.g. like this one https://about.ads.microsoft.com/en-us/resources/policies/class-action-waiver-and-binding-arbitration https://about.ads.microsoft.com/en-us/resources/policies/cla...
- dj_mc_merlin 6y agoThe policy you're quoting is between Microsoft and a business wishing to advertise on it's platform. It is understood that business do read the TOS and contracts of the platforms they sign up with. Users do not. It is still a legal grey area, but more than likely a "no class action lawsuit" clause would be as useful as a paper shield in court.
- snowwolf 6y agoI just chose a random big user facing site and it has similar anti class action terms https://www.uber.com/legal/en/document/?name=general-terms-of-use&country=united-states&lang=en https://www.uber.com/legal/en/document/?name=general-terms-o...
- McDyver 6y agoSeems like one was filed already: https://mobile.twitter.com/LJMoynihan/status/1354836830169006081 https://mobile.twitter.com/LJMoynihan/status/135483683016900...
- kosh2 6y agoMany things affect the price. Like Elon musk tweeting. Or good sales numbers.
- boatsie 6y agoGoogle, Facebook, Twitter, Amazon, PayPal, etc can fully close your account for “reasons” and people get outraged but there ends up being no consequences. Unfortunately I see the same happening here. It is sad but true.
- ketzo 6y agoHard for me to think of a time when one of those services stopped all of their users from taking an action fundamental to the service. Particularly an action regulated by securities law.
- m1117 6y agoThey'll be like: "Technical issue..."
- hi7509 6y agocool
- bsd44 6y agoOh I hope they win!
- dang 6y agoFor pointers to other vertices of this story graph, see https://news.ycombinator.com/item?id=25933543 https://news.ycombinator.com/item?id=25933543. As for this thread, it's got hundreds of comments. If you want to see them all you'll need to click through the More links at the bottom, or like this: https://news.ycombinator.com/item?id=25945447&p=2 https://news.ycombinator.com/item?id=25945447&p=2 https://news.ycombinator.com/item?id=25945447&p=3 https://news.ycombinator.com/item?id=25945447&p=3
- ffggvv 6y agowhat happened to all the people who supported banning trump? “they’re a private company they can do whatever they want” but now they want protection of users rights
- knapi007 6y agoI want in the lawsuit for blocking the ability to purchase stock. This is not fair to small investors that may want a long position.
- knapi007 6y agoI want in the lawsuit. Why can they restrict buy orders for one class of investors while others are not.
- jacksonPQ 6y agoAs a long term shareholder of one of the restricted trade companies, my opinion is that all shareholders of these companies, including the companies themselves, were financially harmed by restricting trade by a subset of investors. As soon as trading was restricted, the prices dropped, denying me the right to sell my shares at a fair market value. Robinhood customers are a small percentage of the shareholders truly harmed by these actions.
- walleyejimbo 6y agoYes i would love to get on board with this lawsuit for restricting my purchase of 1,500.00 woth of AMC at my order time of the opening bell 26th was 4.83 closing Friday at 13.33 would of had 310.55 shares at a difference of 8.50 @ share comes to lose of profit of 2,640.00 $ plus i tried to put an order in for 1k after they refused my 1,500.00 order and they are trying to say I""I"" cancelled that order that is false!! Contact info 765 586 3156 or walleyejimbo1966@ gmail.com thank you for ur time any kind of response would be great thank you and God bless James M.Legere
- Mymartini 6y agoWe need to get everyone to pull funds (minus GME etc) from RH They won’t have enough $ to cover that & cover the naked shorts they have lent out. Then we sue Citadel who we didn’t sign any contract w
- Mymartini 6y agoIf we pull from RH they cannot cover that while also covering the naked shorts they lentto these funds. Then we sue Citadel & anyone else who was buying in bulk while we could ONLY sell. That is the crime.
- jimmydiricci 6y agoRobinhood is holding almost 1,000$ hostage right now.. since the whole GameStop and dogecoin thing I made a decent amount on dogecoin and not only did the site not let me sell off my doge when it peaked not until I crashed to about 6cent was I able to sell but since then they have disabled my account from making withdrawals and haven’t responded to any of my emails. For almost a week I haven’t had access to my funds and been restricted from making trades.. I just want my money back so I can pay my bills and I’ll never use that app again.. horrible company
- jimmydiricci 6y agoRobinhood has been holding close to 1000$ hostage since the whole GameStop dogecoin thing.. I made a decent amount on dogecoin and not only are they holding my money hostage but when I was trying to sell the Coin when it peaked it wouldn’t let me sell till it was around 6cent.. but since then I have sent multiple emails with no response my money has been held by them for no reason my withdrawals are deactivated and buying stock restricted and now it’s bill time and I can’t pay my bills.. I just want my money back and I’ll never use that app again all my withdrawable cash is just sitting there Unwithdrawable and I might lose my car or house because of them can anyone help me
- deleted 6y ago[deleted]
- Michael84 6y agoHow do I join? I was not a robinhood client but their clear manipulation of the stock prices caused my positions to be obliterated.