Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Robinhood Markets, Inc. (HOOD) on Behalf of Investors - Yahoo Finance
LOS ANGELES, December 21, 2021--(BUSINESS WIRE)--Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Robinhood Markets, Inc. ("Robinhood" or the "Company") (NASDAQ: HOOD) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Robinhood investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/robinhood-markets-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On or about July 30, 2021, Robinhood conducted its IPO, offering 55 million shares of its common stock to the public at a price of $38 per share.
On October 26, 2021, after the markets closed, Robinhood released its third quarter financial results, revealing that its total net revenue had missed analyst estimates by nearly $73 million. The company also disclosed that transaction based revenue from cryptocurrency trading, which had earned $233 million in the second quarter before the IPO, had decreased to $51 million in the third quarter.
On this news, Robinhood’s stock fell $4.14, or 10%, to close at $35.44 per share on October 27, 2021, thereby injuring investors.
Then, on November 8, 2021, after the markets closed, Robinhood revealed that it had suffered a "data security incident" on November 3, 2021, in which an unauthorized third party had gained access to email addresses for approximately five million users and full names of around two million users – nearly 40% of Robinhood’s users.
On this news, Robinhood’s stock declined $3.49, or 9%, over the next two consecutive trading days to close at $34.49 per share on November 10, 2021, thereby injuring investors further.
source: https://finance.yahoo.com/news/glancy-prongay-murray-llp-leading-231900640.html
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