At least two federal lawsuits have already been filed accusing Robinhood of market manipulation for banning the purchase of GameStop (which trades under the acronym GME) and other shares.
“Robinhood purposefully, willfully, and knowingly removing the stock ‘GME’ from its trading platform in the midst of an unprecedented stock rise thereby deprived retail investors of the ability to invest in the open-market and manipulating the open-market,” a complaint filed by Robinhood user Brendon Nelson in the Southern District of New York stated.
“Since pulling the stock from their app, GME prices have gone up, depriving investors of potential gains.”
Donald Trump jnr, the former president’s son, also hit out at Robinhood, tweeting: “It took less than a day for big tech, big government and the corporate media to spring into action and begin colluding to protect their hedge fund buddies on Wall Street.
“This is what a rigged system looks like, folks!“
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