James L. Ferraro shareholder with The Ferraro Law Firm in Miami, filed the class action complaint. Courtesy photo Robinhood Takes From Poor to Give to Rich? Miami Firm Leads Florida Class Action
"This company turned out to be yet another Wall Street Wolf disguised in sheep's clothing," the South Florida complaint said.
February 01, 2021 at 02:04 PM
5 minute read
A Miami firm has become the latest to join a wave of litigation against stock trading application Robinhood Financial LLC over the company's decision to restrict trading in certain securities, including shares of GameStop Corp. and Nokia Corp., amid an unprecedented Reddit-fueled price hike.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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