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Message
Class Action Filed Against Robinhood
Posted on 1/28/21 at 12:06 pm
Posted on 1/28/21 at 12:06 pm
LINK
quote:
Filed in the Southern District of New York, the suit alleges that Robinhood, which halted trading for the affected stocks of GameStop, AMC Entertainment, and others that were targeted by r/WallStreetBets, "purposefully, willfully, and knowingly removed the stock 'GME' [GameStop] from its trading platform in the midst of an unprecedented stock rise thereby deprived retail investors of the ability to invest in the open-mark and manipulating the open market."
quote:
On or about January 27, 2021 Robinhood, in order to slow the growth of GME and deprived their customers of the ability to use their service, abruptly, purposefully, willfully, and knowingly pulled GME from their app. Meaning, retail investors could no longer buy or even search for GME on Robinhood’s app.
7
Posted on 1/28/21 at 12:10 pm to Hou_Lawyer
So I’m selling off my shares on Robinhood of some of my stocks amd going to buy back on Etrade. I know I’m going to take the tax hit. I understand that.
But I also feel like somehow I’m getting fricked if I sell a share I bought for $5 for $10 today, then turn around and buy the same share for $10 on Etrade. Is my perception just wrong or I’m I truly making a wrong move here?
But I also feel like somehow I’m getting fricked if I sell a share I bought for $5 for $10 today, then turn around and buy the same share for $10 on Etrade. Is my perception just wrong or I’m I truly making a wrong move here?
This post was edited on 1/28/21 at 12:11 pm
Posted on 1/28/21 at 12:11 pm to supadave3
apparently you can transfer your shares for a fee. just a heads up bud
This post was edited on 1/28/21 at 12:12 pm
Posted on 1/28/21 at 12:12 pm to supadave3
quote:
I’m I truly making a wrong move here?
Yes
Posted on 1/28/21 at 12:12 pm to supadave3
Maybe im wrong here. I dont dable in this often. But cant you just transfer your shares from one platform to another?
Posted on 1/28/21 at 12:13 pm to supadave3
For a $75 fee you can transfer your stocks from RH to Etrade
Posted on 1/28/21 at 12:13 pm to rocket31
Some places cover your transfer fees so you don’t pay a dime.
Posted on 1/28/21 at 12:16 pm to GatorReb
quote:
Maybe im wrong here. I dont dable in this often. But cant you just transfer your shares from one platform to another?
I asked this earlier and was told no. But I haven’t hastily sold everything because of my gut feeling that has to be a better way.
I’ll investigate the transfer option.
This post was edited on 1/28/21 at 12:18 pm
Posted on 1/28/21 at 12:17 pm to AUHighPlainsDrifter
quote:
For a $75 fee you can transfer your stocks from RH to Etrade
They’re about to make killing off pissed off people such as myself.
Can we buy stock in Etrade itself? Hah
Posted on 1/28/21 at 12:18 pm to supadave3
quote:
Is my perception just wrong or I’m I truly making a wrong move here?
I think it will be a wash and you cannot write off losses.
Posted on 1/28/21 at 12:19 pm to supadave3
quote:
So I’m selling off my shares on Robinhood of some of my stocks amd going to buy back on Etrade. I know I’m going to take the tax hit. I understand that.
But I also feel like somehow I’m getting fricked if I sell a share I bought for $5 for $10 today, then turn around and buy the same share for $10 on Etrade. Is my perception just wrong or I’m I truly making a wrong move here?
You can initiate a transfer, through E-Trade, to receive all of your Robinhood holdings. The fee is $75. I know this because I literally just initiated this exact scenario myself.
Posted on 1/28/21 at 12:20 pm to supadave3
I would wait. The self off because of this is causing the share price to tank. You can prob get it again back about where you originally bought it.
Posted on 1/28/21 at 12:20 pm to Hou_Lawyer
This will be an interesting class action. And I wonder if it would include those that were prevented from buying, along with those who bought GME and were unable to incur the profit that would have come with the additional stock purchases. Normally, getting affidavits from thousands of people saying "I would have bought x shares of GME" would be difficult....but with Reddit, it may just be doable. Then I guess some stock market guru would have to give expert opinion as to how it would have affected the market and what profit those investing could have expected to see....along with those who held the stock who were likewise harmed by their actions. (Not to mention the company would have a gripe.) Complicated stuff....
Posted on 1/28/21 at 12:22 pm to rumproast
No doubt. I'm not in but if I were? I would be posting here like crazy what my intent was. Dated and timestamped.
Posted on 1/28/21 at 12:22 pm to Hou_Lawyer
Isn't Robinhood about to go public? 
These idiots just buttfricked themselves! Poetic justice would be, the IPO is very lackluster, then a massive short gets inflicted on them.
These idiots just buttfricked themselves! Poetic justice would be, the IPO is very lackluster, then a massive short gets inflicted on them.Posted on 1/28/21 at 12:24 pm to okietiger
quote:
okietiger
quote:
You can initiate a transfer, through E-Trade, to receive all of your Robinhood holdings. The fee is $75. I know this because I literally just initiated this exact scenario myself.
Thank you. It shall be done.
Posted on 1/28/21 at 12:24 pm to rumproast
quote:Another aspect is, people on other platforms who did buy the stock, and due to the actions of Robinhood, their investment had it's legs cut off. Either way, I don't see how Robinhood survives this.
This will be an interesting class action. And I wonder if it would include those that were prevented from buying, along with those who bought GME and were unable to incur the profit that would have come with the additional stock purchases. Normally, getting affidavits from thousands of people saying "I would have bought x shares of GME" would be difficult....but with Reddit, it may just be doable. Then I guess some stock market guru would have to give expert opinion as to how it would have affected the market and what profit those investing could have expected to see....along with those who held the stock who were likewise harmed by their actions. (Not to mention the company would have a gripe.) Complicated stuff....
Posted on 1/28/21 at 12:27 pm to Sao
I never jumped on GME but bought a bunch of NOK and AMC early yesterday and their action nuked those profits, there is a lot more at play than just want happened with GME.
Posted on 1/28/21 at 12:30 pm to TxWadingFool
Agreed...I also bought NOK. I feel aggrieved...(and my neck hurts...)
Posted on 1/28/21 at 12:36 pm to Hou_Lawyer
quote:
Filed in the Southern District of New York
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