Nathan Hale, 15 April 2021
Bursor & Fisher PA touted its experience in class actions and multidistrict litigation as well as multiple clients with significant financial interest as it made a bid Wednesday to lead multidistrict litigation over stock-trading app Robinhood’s decision to block users from buying certain volatile stocks including GameStop.
The boutique firm, which has offices in California, Miami and New York, filed its motion to serve as lead counsel alongside a request from six clients — Eric Quat, Aaron Fassinger, Mike Ross, Igor Kravchenko, Michael McFadden and Tenzin Woiser — to serve together as lead plaintiffs for the dozens of cases against Robinhood Financial LLC and other entities that were centralized earlier this month in the Southern District of Florida.
“Individually and aggregated, plaintiffs have suffered the largest financial loss as a result of defendant’s conduct,” they said in their motion.
On April 6, Cody Todd, who filed suit against Robinhood in New Jersey, filed the first request to serve as lead plaintiff for Robinhood customers, with the Rosen Law Firm as lead counsel.
The cases stem from trading restrictions that Robinhood and other brokers imposed on popular stocks such as GameStop during a trading frenzy in January. On Jan. 28, Robinhood told customers that it would only allow users to sell certain volatile stocks, such as American Airlines Group Inc., AMC Entertainment Holdings Inc., BlackBerry Ltd., Bed Bath & Beyond Inc. and GameStop Corp.