Rosen Law Announces Updated Lead Plaintiff Deadline in Securities Class Action Lawsuits on Behalf of Investors Unable to Execute Trades and Who Sold and/or Purchased Certain Securities on the Robinhood Trading Platform on or Around January 28, 2021
The Rosen Law Firm PA, 20 July 2021
Rosen Law Firm, a global investor rights law firm, announces the updated July 27, 2021 lead plaintiff deadline in the class action lawsuits filed on behalf of those who were unable to execute trades, sold, and/or purchased certain securities including American Airlines Group Inc. (NASDAQ: AAL), AMC Entertainment Holdings Inc. (NYSE: AMC), BlackBerry Limited (NYSE: BB), Bed Bath & Beyond Inc. (NASDAQ: BBBY), GameStop Corp. (NYSE: GME), Express (NYSE: EXPR), Koss Corporation (NASDAQ: KOSS), Naked Brand Group (NASDAQ: NAKD), Nokia Corporation (NYSE: NOK), Sundial Growers, Inc. (NASDAQ: SNDL), Tootsie Roll Industries (NYSE: TR), and Trivago NV (NASDAQ: TRVG) (collectively, the “Affected Securities”) on the Robinhood Trading Platform on or around January 28, 2021. The lawsuits variously seek to recover damages for those affected by Robinhood’s alleged market manipulation in violation of Sections 9(a) and 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. §§ 78i(a) and 78(j)(b), and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission (17 C.F.R. § 240.10b-5)). Continue reading “Article: Rosen Law Announces Updated Lead Plaintiff Deadline in Securities Class Action Lawsuits on Behalf of Investors Unable to Execute Trades and Who Sold and/or Purchased Certain Securities on the Robinhood Trading Platform on or Around January 28, 2021”
Why GameStop, Naked Brand, Rocket Companies, and Other Reddit Stocks Soared Today
Joe Tenebruso, 02 June 2021
Reddit’s army of individual investors appears to be growing ever more powerful. After taking some time to regroup and emboldened by their recent success with AMC Entertainment (NYSE:AMC), these traders launched a major counteroffensive on Wednesday — one that helped to drive the prices of multiple stocks sharply higher.
Here’s how some of the most popular stocks on Reddit fared today: Continue reading “Article: Why GameStop, Naked Brand, Rocket Companies, and Other Reddit Stocks Soared Today”
The Market Is Ripe For Another GameStop Saga
Michael Kern , 31 May 2021
About three months ago, the investing world was left reeling after retail investors proved they can beat Wall Street at its own game.
Reddit group “r/Wallstreetbets” (aka WSB)–a longstanding subreddit channel created nearly a decade ago where more than 4 million Reddit users discuss highly speculative trading strategies and ideas–engaged in a crowdsourced pump-and-dump scheme that created massive volatility in the stock markets by buying heavily shorted stocks such as GameStop Inc. (NYSE:GME), AMC Entertainment Holdings (NYSE:AMC), and BlackBerry Inc. (NYSE:BB), among others. The massive buying wave created large short squeezes as hedge funds betting against these stocks rushed to cover their positions and cut losses after GME skyrocketed an unfathomable 1,500% in the space of a few days; AMC saw its share price triple while BB jumped 460% before they came crashing to the ground after popular zero-fee trading app Robinhood blocked trading activity. Continue reading “Article: The Market Is Ripe For Another GameStop Saga”
These 2 Meme Stocks Won’t Survive the Next Stock Market Crash
Leo Sun, 26 March 2021
The Reddit-fueled short squeezes of GameStop (NYSE:GME) and other heavily shorted stocks earlier this year thrust the idea of “meme stocks” — equities that get aggressively promoted on social media platforms — into the broader market’s spotlight.
Some of those meme stocks actually have solid underlying businesses that could allow them to resist a market downturn. However, there are plenty of others with businesses that can’t possibly support their frothy valuations. Let’s take a look at two meme stocks that will likely burn their shareholders the next time the market stumbles.
1. Naked Brand
Shares of Naked Brand Group (NASDAQ:NAKD), a New Zealand-based retailer of intimate apparel and swimwear, surged from about $0.07 last October to an all-time high of $3.40 in late January. Nearly everyone who chased that rally and hung on got burned — the stock now trades at about $0.77 per share.
Naked’s rally had nothing to do with its fundamentals. It was identified as a short squeeze target on Reddit, and its name was cited in discussions about “naked shorting” — the illegal practice of shorting a stock without borrowing it first. Those discussions inexplicably evolved into a movement to promote the stock on Reddit, which caused it to rally alongside GameStop and other meme stocks in January.
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Watch Live: GameStop Hearing On Market Manipulation
Jonathan Ponciano, 18 February 2021
A Congressional hearing into the GameStop mania that triggered the largest weekly selloff since late October is underway, with some of the key players in the saga—billionaire Citadel CEO Kenneth Griffin, Robinhood CEO Vladimir Tenev, Reddit Cofounder Steve Huffman and the 34-year-old securities broker behind the Roaring Kitty online persona—all set to testify.
Committee Chair Maxine Waters (D-Mo.) kicked off the hearing by asking Tenev whether he misled investors on January 28 when he denied that Robinhood had a liquidity problem despite raising more than $3 billion in the following days to meet reserve requirements from the Securities & Exchange Commission. Continue reading “Article: Watch Live: GameStop Hearing On Market Manipulation”