https://www.ign.com/articles/robinhood-hit-with-class-action-lawsuit-after-halting-gamestop-stock Thursday, January 28 Thu, Jan 28 * Browse IGN * Sign In * Store * News * Videos * Reviews * Boards * Wikis * More * + Games o PlayStation o Xbox o Nintendo o PC o Upcoming + Entertainment o Movies o Television o Comics o Tech o Original Shows o Best Games o Best Picks + IGN Themes o (*) Classic o ( ) Dark Mode + IGN o Follow Us o About Us o Accessibility o AdChoicesAdChoices o Do Not Sell My Personal Information o Privacy Policy o Site Map o Standards o Terms of Use o Contact Support o [Change Region ] (c)1996-2021 Ziff Davis, LLC. IGN(r) is among the federally registered trademarks of IGN Entertainment, Inc. and may only be used with explicit written permission. Robinhood Hit With Class Action Lawsuit After Halting GameStop Stock The suit says Robinhood is depriving investors access to an open market. Matt T.M. KimBy Matt T.M. Kim Updated: 28 Jan 2021 7:44 pm Posted: 28 Jan 2021 7:33 pm Stock trading app Robinhood has been hit with a class-action lawsuit after the app announced it will restrict trading on certain stocks including GameStop and AMC. In a suit filed in the Southern District of New York, the Plaintiff claims that 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." Earlier this morning Robinhood began limiting certain stock trades on its app, only allowing users to sell stock like GameStop and AMC, but not buy them. Any attempts to purchase stock like GameStop's results in a message that "This stock is not supported on Robinhood." GameStop in the News Timeline January 2016

GameStop expands its business beyond retail and into game publishing by announcing a partnership with Insomniac Games for Song of the Deep.

"We have 62 million customers coming to our doors every year," said GameStop's Mark Stanley of the company's decision to get into publishing. "How do we give more and more content and more exclusives and different kinds of games in our store, beyond just the traditional AAA, etc? We've worked for many years with publishers on exclusives in our stores, etc. This is a different way to bring added value to those customers. We think it's a very good balance to maintain." April 2016

A few months after partnering with Insomniac, GameStop officially announces its own publishing label, GameTrust. In addition to Song of the Deep, the label's games include Deformers (Ready at Dawn), Has Been Heroes (Frozenbyte), The Invisible Hours (Tequila Works), and Star Child (Playful Studios). 12 IMAGES March 2017

With digital purchases on the rise, and the continued growth of online retailers like Amazon, GameStop announces plans to close 150 of its then-7,500 stores, according to USA Today. Year-over-year global sales for the retailer drop 13.6%. November 2018

GameStop reports a massive third-quarter loss of $488.6 million USD. January 2019

Following the massive third-quarter loss, rumors of a buyout surface. Two companies, Sycamore Partners and Apollo Global Management, are said to be vying for the retailer, with the buyout expected to be completed by the end of the following month. January 2019

Three weeks after the buyout rumors surface, GameStop announces it's no longer pursuing a buyer due to "the lack of available financing on terms that would be commercially acceptable to a prospective acquiror." The company's stock price drops to its lowest point since June 2005. GameStop stock has seen an unprecedented rise in price following a short-selling squeeze performed by the hobbyist subreddit r/ WallStreetBets. These investors predicted a short on GameStop stock and took the opportunity to purchase stock early and cheap, creating a squeeze. Responses to Robinhood's decision to halt trading on certain stocks has been swift. Politicians like Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Ted Cruz (R-TX) have both tweeted criticizing Robinhood's actions, with the former announcing they will be appearing on Twitch later today to discuss the situation.A screenshot of the Robinhood app, displaying the "stock not supported" message. A screenshot of the Robinhood app, displaying the "stock not supported" message. While hedge funds and Wall Street types have come out against the r/ WallStreetBets subreddit, IGN spoke with traders from the subreddit who invested in GME. Many of who invested in GME as part of their day-trading hobby. Robinhood has not responded to the class-action lawsuit and has not made any public statements since announcing its halt on certain stocks it calls volatile. --------------------------------------------------------------------- Matt T.M. Kim is a reporter for IGN. Header Image: Justin Sullivan/Getty Images Was this article informative? YESNO [assassinsc] The Best PlayStation Deals for January 2021 [netflixmov] Netflix's 2021 Movie Release Lineup: New Films From Chris Hemsworth, Dwayne Johnson, and Zack Snyder Revealed Immortals Fenyx Rising - A New God DLC Trailer [ces-160995] CES 2021 Highlights: The Biggest Announcements From The Show Recommends [resident-e] Watch VideoRead Article 10h -186 Resident Evil Village Actress Jeanette Maus Dies, Aged 39 [gettyimage] 3h -282 Robinhood Hit With Class Action Lawsuit After Halting GameStop Stock [wolverinex] 1h -28 Wolverine Would Have Starred in Fox's Deadpool 3 [gamestopst] Watch VideoRead Article 1d -416 GameStop Traders Share Why They Went Big on the GME Stock Squeeze [kong-godzi] Watch VideoRead Article 23h -73 Is This the Real Villain in Godzilla vs. Kong? [bestps5gam] Watch VideoRead Article 11d -366 The Best PS5 Games [tesla-witc] Watch VideoRead Article 9h -194 Tesla's New Cars Can Run The Witcher 3 on Their 10-Teraflop Gaming Rigs [blogroll-1] 8 6h -4 Apple MacBook Air M1 Review WIKIS Animal Crossing Beginners Guide and Tips * Ghost of Tsushima Tips and Tricks * Things Ghost of Tsushima Doesn't Tell You * Every Modern Game IGN Has Given a 10/10 * Animal Crossing Cheats and Secrets * Ghost of Tsushima: Things to do First * How to Get Every Weapon in FF7 DEALS Black Friday Deals * Black Friday Nintendo Switch * Black Friday PS4 | PS5 * Black Friday Xbox Series X | S * Black Friday Amazon Deals * Black Friday Walmart Deals * Black Friday Video Game Deals We encourage you to read our updated PRIVACY POLICY and COOKIE POLICY .