A federal judge has tentatively declined a Robinhood app user’s bid to block the online brokerage firm from restricting purchases of certain stocks and from manipulating the price of shares.
Robinhood has narrowed its stock trade restrictions from fifty to eight companies on Sunday, including GameStop, Koss Corporation, AMC Entertainment Holdings, Express Inc., Naked Brands Group, Genius Brands International, BlackBerry Limited, and Nokia Corp.
Several retail stockbrokers, including Robinhood, said they would allow trades of GameStop and other volatile companies after restricting customers’ ability to purchase securities earlier in the day.
Popular trading app Robinhood has shut down buying of AMC, BlackBerry, Bed Bath and Beyond, Express, GameStop, Koss, Naked Brand Corp and Nokia. Users can only liquidate or close positions.