A United States federal appeals court has upheld a decision to dismiss an investor class action lawsuit against online brokerage firm Robinhood (NASDAQ:HOOD) Markets over its meme stock trading debacle in early 2021.
A total of 16 investors took part in a class action lawsuit against the trading platform in September 2021, alleging the firm restricted them from purchasing 13 “meme stocks” when hedge funds were being short squeezed in January 2021.