SAN FRANCISCO: Stock trading app Robinhood on Friday confirmed it is cooperating with inquiries from US regulators into its decision to temporarily throttle purchases of shares in companies such as GameStop during frenzied trading in January.
The free brokerage platform is facing inquiries from federal financial regulators, state attorneys general and the US Congress, according to a filing with the Securities and Exchange Commission.
Robinhood, which says it is “cooperating” with the entities, is already facing dozens of class action lawsuits.
The lawsuits “generally allege breach of contract, breach of the implied covenant of good faith and fair dealing, negligence, breach of fiduciary duty and…
