Robinhood Blocks Purchases of GameStop, AMC and Others.
After days of rallies fueled by Redditors, investment app Robinhood has restricted the trading of several highly-volatile stocks.
Affected stocks include GameStop, AMC, Nokia, Naked Brand, Koss, Express, BlackBerry and Bed Bath & Beyond.
Investors are only able to sell shares held with these companies.
Our mission at Robinhood is to democratize finance for all... We continuously monitor the markets and make changes where necessary, Robinhood, via press release.
Some users in the Reddit forum, r/WallStreetBets, are already proposing a class-action lawsuit, implying that Robinhood is guilty of "market manipulation.".
Similar freezes were instituted by TD Ameritrade and Charles Schwab on Wednesday