Robinhood beats investors’ appeal in GameStop meme stock case
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A United States federal appeals court has upheld a decision to dismiss an investor class action lawsuit against online brokerage firm Robinhood Markets over its
The GameStop short squeeze happened in January 2021, which was initially triggered by users of the /wallstreetbets subreddit.
The strategy of the short squeeze was to cause big losses for Wall Street firms shorting these particular stocks, and by doing so, profiting themselves.
Another 12 stocks became part of the frenzy, including AMC Entertainment, American Airlines Group, Blackberry, Bed, Bath & Beyond and Trivago.
GameStop was however one of the largest gainers of the Reddit-fueled price pump, increasing over 9,900% from $0.86 to over $86 between April 2020 and January 2021, according to Macrotrends.net.
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