The Robinhood logo is displayed at a Robinhood Markets, Inc. event in New York City, USA on March 4, 2026.
David Dee Delgado | Reuters
The Supreme Court agreed on Friday to hear the following cases: robin hood seeks to block a class action lawsuit over the online brokerage’s omission of interim financial data from its 2021 initial public offering.
Robinhood hopes the Supreme Court will overturn a ruling by the U.S. 9th Circuit Court of Appeals that reinstated lawsuits by investors against the company and companies involved in its IPO. goldman sachs and JP Morgan Securities.
A San Francisco federal judge had previously dismissed the case.
The Trump administration and the Securities and Exchange Commission had asked the Supreme Court to hear Robinhood’s appeal.
“We are pleased that the Supreme Court has agreed to hear our case and look forward to presenting our case,” a Robinhood spokesperson said in a statement.
CNBC has reached out to the attorneys representing the plaintiffs in the case for comment.
Robinhood’s IPO comes as investors have increased interest in so-called meme stocks and trading in the cryptocurrency Dogecoin during the coronavirus pandemic.
In July 2021, Robinhood conducted an IPO, but the “registration statement prepared therefor” contained “limited information regarding Robinhood’s performance in the second quarter of 2021,” the Ninth Circuit panel that heard the case noted.
“Following its initial public offering, Robinhood reported second-quarter results and its stock price declined,” the committee wrote.
Investors who sued Robinhood and other defendants argued that the registration statement omitted important information that they were legally required to disclose.
