New class action against Robinhood alleges oligopoly manipulation
Robinhood, the stock trading app formerly popular with millennials, is facing another class-action suit, following its recent temporary suspension of purchases of GameStop (NYSE:) and other “meme-stocks” through its platform.
The lawsuit, filed Jan. 29 in Houston, Texas, alleges that Robinhood, along with other named defendants including TD Ameritrade (NASDAQ:) and WeBull, arrived at “a common understanding of what must be done, which they carried out with conscious parallelism.”
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