Credit: Jiri Hera/Shutterstock.com Shareholder Lawsuit Claims Robinhood Board Miscast Crypto Revenue Spike in IPO Documents
An influx of crypto transactions was a short-term boost, not a sustainable trend, plaintiffs said in their lawsuit. That falls under the category of uncertainties and potential investment risks the SEC requires to be disclosed in its offering documents, they said.
January 24, 2022 at 06:38 PM
3 minute read
Securities Litigation
Robinhood Markets Inc. has been hit with a derivative suit in the District of Delaware, with a shareholder arguing a lack of oversight by the company's board and executives led to its financial performance last year falling far short of the record-setting revenues predicted.
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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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