Iorio Altamirano LLP Wins First Nation’s Arbitration Award on January 2021 Trade Restrictions, Holds Robinhood Accountable | News
NEW YORK – (BUSINESS WIRE) – January 7, 2022–
A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded compensatory damages to a retail investor in a case against Robinhood over the January 2021 trade restrictions on âmemes stocksâ.
Iorio Altamirano LLP, a leading securities arbitration law firm, represented the investor and obtained the groundbreaking arbitration award. The price is remarkable because it is the first such a victory for retail investors in the country in any forum against Robinhood over its decision to restrict trading in certain stocks on January 28, 2021. The actions targeted included GameStop (GME), Koss (KOSS), Express (EXPR) and AMC Entertainment Holdings (AMC), among others. After Robinhood implemented the trade restrictions, the stock prices of these companies fell.
The investor, a 27-year-old truck driver, invested in shares of KOSS and EXPR and suffered investment losses as a result of Robinhood’s unilateral decision to restrict trading. Iorio Altamirano LLP has filed a request for FINRA arbitration on his behalf. At the arbitration hearing, August M. Iorio and Jorge Altamirano represented the investor.
The nearly $ 30,000 prize included compensatory damages, interest and all forum fees assessed at Robinhood.
Iorio Altamirano LLP has been investigating allegations against Robinhood Financial LLC (“Robinhood”) since last year. The company is currently representing Robinhood’s clients in filing securities arbitration claims relating to its implementation of the trade restrictions.
âWe believed in our case theory and are delighted that we were able to persuade an arbitrator to hold Robinhood accountable for his conduct. Our client is delighted that the arbitrator found Robinhood responsible for his investment losses, âsaid Iorio.
âThis award is a monumental and historic victory for retail investors – especially young self-employed investors – like those who use the Robinhood platform and whom the company has targeted to fuel its growth. On a larger scale, the price offers hope to the thousands of Robinhood users who can now see a potential route to recoup their losses and offers encouraging news that arbitration panels are ready to hold brokers to account. online, âAltamirano said.
Former and current Robinhood clients who held the targeted titles on January 27, 2021 are encouraged to complete the following steps form for a free and confidential consultation. Clients may be entitled to compensation without having to pay any fees or disbursements under a contingency fee agreement with the securities arbitration law firm Iorio Altamirano LLP.
Robinhood customers should contact Iorio Altamirano LLP for a free and confidential consultation. Iorio Altamirano LLP can investigate and analyze potential claims and inform individuals of their legal rights without obligation or cost. To set up an assessment, contact August Iorio, Securities Arbitration Lawyers, at [email protected] or Jorge Altamirano at [email protected] You can also call the company toll-free at (855) 430-4010.
About Iorio Altamirano LLP:
Iorio Altamirano LLP is a national securities litigation law firm based in New York, NY. The law firm is pursuing FINRA nationwide arbitration claims on behalf of investors to recover financial losses resulting from improper behavior by financial advisers and brokerage firms.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220107005121/en/
CONTACT: August Iorio
Iorio Altamirano SENCRL, srl
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL LEGAL SERVICES
SOURCE: Iorio Altamirano LLP
Copyright Business Wire 2022.
PUB: 07/01/2022 10:00 am / DISC: 07/01/2022 10:02 am
Copyright Business Wire 2022.