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INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Robinhood Markets, Inc. (HOOD) on Behalf of Investors

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  • HOOD

BENSALEM, Pa., December 22, 2021--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Robinhood Markets, Inc. ("Robinhood" or the "Company") (NASDAQ: HOOD) investors concerning the Company’s possible violations of federal securities laws.

On or about July 30, 2021, Robinhood conducted its IPO, offering 55 million shares of its common stock to the public at a price of $38 per share.

On October 26, 2021, after the markets closed, Robinhood released its third quarter financial results, revealing that its total net revenue had missed analyst estimates by nearly $73 million. The company also disclosed that transaction based revenue from cryptocurrency trading, which had earned $233 million in the second quarter before the IPO, had decreased to $51 million in the third quarter.

On this news, Robinhood’s stock fell $4.14, or 10%, to close at $35.44 per share on October 27, 2021, thereby injuring investors.

Then, on November 8, 2021, after the markets closed, Robinhood revealed that it had suffered a "data security incident" on November 3, 2021, in which an unauthorized third party had gained access to email addresses for approximately five million users and full names of around two million users – nearly 40% of Robinhood’s users.

On this news, Robinhood’s stock declined $3.49, or 9%, over the next two consecutive trading days to close at $34.49 per share on November 10, 2021, thereby injuring investors further.

If you purchased Robinhood securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211222005116/en/

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com