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Case Status:    ONGOING    
On or around 12/24/2020 (Date of last review)

Filing Date: December 23, 2020

According to the Complaint, Robinhood Financial LLC offers self-directed securities brokerage services to customers by means of its website and smartphone applications. Robinhood is a Commission-registered broker-dealer and a member of Financial Industry Regulatory Authority (“FINRA”). Robinhood Financial acts as an introducing broker and has a clearing arrangement with Robinhood Securities. When customers open accounts with Robinhood, they enter into a customer agreement with Robinhood Financial and Robinhood Securities.

The Complaint alleges that during the Class Period, Defendants capitalized on a surge of first-time market investors by misleading and luring unsuspecting consumers to execute inferior market trades on the platform under the guise of “commission free” trading. The Complaint further alleges that Defendants misled consumers and failed to disclose that Robinhood’s business operations relied extensively upon “payment for order flow,” in which Defendants received payment from market makers in exchange for executing the service’s trades.


Sector: Financial
Industry: Investment Services
Headquarters: United States


Ticker Symbol: N/A
Company Market: N/A
Market Status: N/A

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 20-CV-09328
JUDGE: Hon. Yvonne Gonzalez Rogers
DATE FILED: 12/23/2020
CLASS PERIOD END: 06/30/2019
  1. Ahdoot & Wolfson, P.C.
  2. Liddle & Dubin, P.C.
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available