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Investor Alert: Our Law Firm Continues to Investigate Robinhood, Webull, T.D. Ameritrade, Interactive Brokers, Charles Schwab, and Other Brokerage Firms for Market Manipulation and Breach of Contract
Our law firm is investigating claims of market manipulation and breach of contract after Robinhood Markets, Webull Financial LLC, T.D. Ameritrade, Charles Schwab, E*Trade Financial Corp., Interactive Brokers Group, and other online brokerage platforms halted the ability of its clients to purchase GameStop (NYSE: GME), AMC (NYSE: AMC), Novavax, Inc. (NASDAQ: NVAX), Express (NYSE: EXPR), Blackberry (NYSE: BB), Bed Bath & Beyond (NASDAQ: BBBY), Koss Corp. (NASDAQ: KOSS) and Nokia (NYSE: NOK) stock on January 28, 2021.
According to reports, after the popular online brokerage firms implemented the trading restrictions, GameStop ($GME) dropped 44%, and AMC ($AMC) lost 57%. The trading restrictions, which appear to have sent the share prices of targeted companies plunging, set off a firestorm of criticism, including Congress members.
New York Attorney General Letitia James released the following statement on January 28, 2021: “We are aware of concerns raised regarding activity on the Robinhood app, including trading related to the GameStop stock. We are reviewing this matter.”
On January 29, 2021, securities regulators, including the Securities and Exchange Commission, indicated that they would closely review the actions of some brokerage firms, which restrict investors’ ability to purchase certain securities. The securities regulators said they would look for abusive or manipulative trading activity prohibited by federal securities laws.
The Financial Industry Regulatory Authority, which regulates brokerage firms like Robinhood, requires that broker-dealers make every effort to execute a marketable customer order that it receives fully and promptly.
Our law firm is especially interested in speaking with investors that have:
- purchased and held GME, AMC, NVAX, EXPR, BB, BBBY, KOSS, or NOK before Robinhood and other popular trading platforms restricted transactions on January 28, 2021;
- subsequently sold their positions; and
- suffered losses of $25,000 or more.
We are also interested in speaking with investors who have not sold their positions but have suffered losses of more than $50,000.
If you have suffered financial losses, please fill out the following form for a free and confidential consultation. You may be entitled to compensation without payment of any out-of-pocket fees or costs through a contingency fee arrangement.
Do not rely on any pending or future class action filings. Class actions can be dismissed for various reasons, and even if there is a recovery someday, class members often only receive pennies on the dollar.
Iorio Law PLLC is a securities arbitration law firm based in New York, NY. We pursue individual FINRA arbitration claims nationwide on behalf of investors to recover financial losses from brokerage firms’ wrongful conduct.
About Iorio Law PLLC
Iorio Law PLLC is a securities arbitration law firm located in New York, NY. We represent investors nationwide and vigorously pursue FINRA arbitration claims on behalf of investors to recover investment losses.
We have over 15 years of experience as securities arbitration lawyers and have helped investors recover investment losses in over 800 cases. The firm will file a FINRA securities arbitration claim on your behalf on a contingency fee basis to try to recover your losses. If we do not obtain a recovery, you do not owe us a legal fee.
This blog was published by August Iorio when he was a Partner at his previous firm and has been updated to reflect Iorio Law PLLC’s new contact information. To evaluate any potential claims, contact securities arbitration lawyer August Iorio for a free consultation contact Iorio Law PLLC at info@iorio.law or (646) 330-4624.