NEW YORK, Jan. 28, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Robinhood Markets, Inc. (NASDAQ: HOOD).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/robinhood-markets-inc-loss-submission-form/?id=22647&from=4
This lawsuit is on behalf of persons and entities that purchased or otherwise acquired Robinhood shares pursuant and/or traceable to the Company's initial public offering conducted in July 2021.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until February 15, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to the filed complaint, documents that the Company issued in connection with its IPO contained representations that were materially inaccurate, misleading, and/or incomplete because they failed to disclose that, at the time of the IPO, Robinhood's revenue growth was experiencing a major reversal, with transaction-based revenues from cryptocurrency trading serving only as a short-term, transitory injection, masking what was actually stagnating growth. In addition, the Company's "significant investments" in enhancing the reliability and scalability of its platform were patently inadequate and/or defective, exposing Robinhood to worsening service-level disruptions and security breaches, particularly as the Company scaled its services to a larger user base.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law
