Governance & Derivative

Robinhood Markets, Inc. (NasdaqGS: HOOD)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into Robinhood Markets, Inc. (NasdaqGS: HOOD).

During its July 2021 Initial Public Offering (IPO), the Company touted its significant growth, quality execution, high security standards, and commitment to providing users with a highly accessible and safe trading experience.  In October 2021, the Company disclosed a range of negative financial and operational results, covering the same period that its IPO was held, including declines in total net revenue, monthly active users, funded accounts, assets under custody, and average revenue per user, among other things.  Then, on November 8, 2021, the Company disclosed that it had experienced a “data security incident” on November 3rd in which hackers were able to gain access to certain personal information of roughly 7 million users.

KSF’s investigation is focusing on whether Robinhood’s officers and/or directors breached their fiduciary duties to Robinhood’s shareholders or otherwise violated state or federal laws.

If you have information that would assist KSF in its investigation, or have been a long-term holder of Robinhood shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.