Feb 13, 2023 at 4:08 p.m
Investors in Robinhood Markets Inc. failed to make misleading statements about the company in its IPO filings, a federal court ruled in dismissing the proposed class action lawsuit.
Shareholders will have another chance to assert their claims, Judge Edward M. Chen said Feb. 10 for the US District Court for the Northern District of California.
“The plaintiffs are not alleging that Robinhood misrepresented facts, merely that Robinhood failed to live up to its lofty beliefs and goals of financial democratization, customer support and platform reliability,” Chen said. “But entrepreneurial incompetence alone does not constitute a violation of…
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