A Robinhood customer on Thursday sued in New York City after the trading app restricted purchases of GameStop shares on its platform.
The lawsuit, filed in federal court in Manhattan, claims Robinhood removed the video game retailer “purposefully and knowingly to manipulate the market.” The suit accuses Robinhood, a popular trading and individual brokerage app used by retail investors, of breaching its contract by failing to disclose it “was going to randomly pull a profitable stock from its platform.” It also accuses the company of negligence and of breaching its fiduciary duties and its “implied covenant of good faith and fair dealing.” […] The plaintiff, Brendan Nelson, is described in the complaint as a Robinhood customer who lost out on the opportunity to buy GameStop as its stock climbed higher.
In a statement to CNBC, Nelson’s lawyer said “hundreds of individuals” are “reaching out to be added to this suit.”
“Robinhood’s mission is to ‘democratize finance for all.’ They have failed,” said Alexander Cabeceiras. “They have purposefully failed this mission and failed their clients in an attempt to — what appears to be — appease their investors and/or potential investors.”
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