Question 71 of 105 in In the News 2021
Started Mar 05, 2021 06:00PM UTC   •   Closing Oct 01, 2021 07:01AM UTC

Ryan-Beck and Kinnaj ask:

Will Robinhood receive a Wells notice from the Securities and Exchange Commission (SEC) before 1 October 2021 related to trading limits imposed on 28 January 2021?

A Reddit-fueled "short squeeze" on shares of Gamestop and other companies led to online trading firm Robinhood to impose trading limits on various stocks in late January (CNBC, CNET). Many Robinhood customers were angered by the move, and Congress has held hearings on the circumstances surrounding the trading limits (Business Insider, CNET). A Wells notice "is a letter sent by a securities regulator to a prospective respondent, notifying him of the substance of charges that the regulator intends to bring against the respondent, and affording the respondent with the opportunity to submit a written statement to the ultimate decision maker" (Cornell).

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