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. Key players in the GameStop shares trading frenzy told skeptical US lawmakers last week that their actions were above board and in line with ordinary stock market business. "I am not trying to throw anyone under the bus," Robinhood co-founder and chief executive Vlad Tenev told the House committee meeting.

Source: Mint February 27, 2021 01:52 UTC