Stephen Brown took stock of the phenomenon:
Unbelievable. ECF in Southern District of New York appears down because people are trying to access the class action against @RobinhoodApphttps://t.co/Z3GrqXt51n
As Law&Crime reported earlier on Thursday, lawsuits, at least one of them a class action, were filed against the wildly popular retail brokerage Robinhood over the company’s decision to freeze trading on certain equities favored by the r/WallStreetBets subreddit after several days of intense buying pressure forced multiple hedge funds into billion-dollar losses.
The demand for those court filings might be said to have been commensurate with–or at least somewhat to–the organic demand for the since-frozen stocks themselves.
COVID Vaccine Live Updates: Boosters for South African variant in the works abc7ny.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from abc7ny.com Daily Mail and Mail on Sunday newspapers.
Sen. Josh Hawley, R-Mo., said the fix is in when it comes to Wall Street, arguing that the Gamestop stock surge shows that hedge funds do not want real competition from small investors.
New York Attorney General Letitia James announced she is looking into recent activity on Robinhood after the trading platform restricted trading of certain securities Thursday, resulting in multiple lawsuits against the company. We are aware of concerns raised regarding activity on the Robinhood app, including trading related to the GameStop stock, James said in a statement. We are reviewing this matter.
Robinhood and other trading platforms announced Thursday that they were restricting trading for a handful of securities that have exploded in value this week, including GameStop, AMC, BlackBerry, Tootsie Roll, Trivago, and others. The stock surges were fueled by Reddit users buying stocks that they saw as over-shorted.
COVID-19 Deaths Among New York Nursing Home Residents Rise by 40 Percent
Almost 4,000 nursing home residents in New York have died from COVID-19 after being moved to hospitals, state health officials disclosed Thursday, increasing the death toll among those elderly by more than 40 percent.
New York made the unusual move last year to split deaths among the group, only releasing figures for residents who died in nursing facilities.
New York Attorney General Letitia James, a Democrat, accused Gov. Andrew Cuomo’s administration earlier Thursday of underreporting the number of nursing home deaths by as much as 50 percent.
She called on the state to ensure public reporting by each nursing home of COVID-19 deaths of residents both at the facility and at hospitals.