Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On March 2 and March 9, 2020, Robinhood experienced widespread outages, causing significant harm to investors. During the down periods, clients reported being unable to trade their stocks. As a result of the outages, Robinhood users reportedly missed out on the biggest one-day point gain in Dow in history, as well as a historically dismal day for stocks.
If you are a Robinhood user and did not have your hard trade orders executed, or suffered realized losses as a result of the Robinhood outages, you may have a claim. Speak with a lawyer today to learn more about your options.
Lost Money in Robinhood Outage?
You may be eligible to recover your losses. Get a free and confidential consultation.
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Robinhood Down on Historic Trading Day; Stock App Suffers Major Outages
On March 2, 2020, Robinhood’s app began experiencing technical problems, causing many users to miss out on the biggest one-day point gain in Dow in history. According to CNBC News, the app, used by nearly 10 million investors, experienced glitches for two days and left many clients “furious.”
CNBC reports that, according to a lawsuit filed against the company,
Robinhood was negligent and breached its contract by failing to “provide a functioning platform,” leaving traders unable to move money while stock markets surged.
Then, on March 9, 2020, the app experienced yet another major outage, significantly harming many investors. CNBC states that, on the morning of March 9th, heavy trading volume triggered a “key market circuit breaker” minutes after opening. Trading was reportedly halted for 15 minutes, before re-opening at 9:49 a.m. ET.
Around 10:30 a.m. on Monday, March 9th, the company tweeted that its platform was partially restored and that only the fractional trade service remained down. However, clients continued to report errors from their Robinhood apps, reports CNBC News. This outage coincided with a historic day for the stock market. According to the article,
The outage coincided with a dismal day for stocks on Monday. The major averages cratered as investors braced for the economic fallout from the coronavirus and a shocking all-out oil price war. The Dow Jones Industrial Average tanked 2,000 points, while the S&P 500 plunged 7.6%. The Nasdaq Composite fell 7.3%.
Investors who did not have their trade orders executed as a result of the outages may have a claim. Get a free consultation today.
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