Kroll Law Motions for TRO in Robinhood Litigation

LOS ANGELES, Feb. 10, 2021 /PRNewswire/ -- On February 10, 2021 at 10:00 a.m. (Pacific) in the courtroom of U.S. District Judge Virginia Phillips, Central District of California, there will be a hearing on Robinhood customer Levi Cobos's motion for a Temporary Restraining Order ("TRO") against ROBINHOOD FINANCIAL LLC;  ROBINHOOD SECURITIES, LLC; and ROBINHOOD MARKETS, INC., (collectively "Robinhood") in the class action lawsuit entitled Levi Cobos v. Robinhood, etc. et al., US. District Court Case number 21-CV-00843. The motion for TRO seeks to restrain and enjoin Robinhood from suspending the "buy" feature/button on its "app," and to restore full functionality to its app.  

Allowing any stock brokerage firm to suddenly, and without advance warning, suspend one-side of all transactions in a stock disrupts the natural order of supply and demand within. But, on January 28, 2021, Defendants, ROBINHOOD FINANCIAL LLC;  ROBINHOOD SECURITIES, LLC; and ROBINHOOD MARKETS, INC., (collectively hereinafter "Robinhood.") did just that: they disabled the "buy" feature on their "app" – an unprecedented action - stranding its retail customers and subjecting them to increased risks and losses. That is what is alleged in court papers filed in Cobos v. Robinhood.

"This is not a case about a broker-dealer who limits or declines orders; it's about not accepting them at all," said Jerry Kroll, an attorney for Cobos.

The Cobos lawsuit alleges that "Robinhood continues to engage in the same conduct, unabated, costing Plaintiff and those similarly situated to suffer loss and damage as a result. This type of unnatural market manipulation continues to occur unabated and expanded, by all current public reports and accounts of Robinhood's activities. The request for a TRO reflects the urgency and irreparable harm from this unprecedented action that unbalances an already volatile stock market."

Contact: Gerald (Jerry) Kroll, Esq., (Tel: 310.598.1255, email: [email protected]) and Joseph Kar, Esq. (Tel: 818.501.6930, email: [email protected])

SOURCE Kroll Law