https://www.classaction.org/media/in-re-short-squeeze-trading-antitrust-mdl.pdf
I encourage everyone to read this report.
Page 106
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https://preview.redd.it/4710iwfic9p71.png?width=1362&format=png&auto=webp&s=0d287edb08d9f07245745ecbdaa9eb7f8eedea70
TLDR:
Citadel makes up a huge portion of the trading volume on GME.
Public FINRA reporting shows how SHORT VOLUME went up while the price went down (you can't cover/close in this case).
They had historically NOT been a neutral Market Maker but rather taking an active speculative position betting AGAINST retail orders (on many stocks). Every retail order they accepted they shorted into the market. By end of January they were about to EXPLODE (risk was far exceeded).
Their only option- stop retail buying and SHORT like crazy to get the price down. This lowered their risk exposure. The options risk was also astronomically huge.
This likely means that TODAY they have many profitable short positions opened, but not closed, opened at and below $480. At a today's price of $200ish this means their millions of new shorts have bought them a lot of unrealized profit and has bought them a lot more breathing room.
As the price rises their original short positions become a problem again AND they start losing the benefit of the new positions. Any attempt to cover or close sends the price to the moon. They're totally trapped and made this problem only worse.
We likely need to see a price a lot higher now that they have higher price point shorts, so the price needs to rise well above $480.
Of course, this is what all of us have known and that's why we're here.
Buy! Hodl! REGISTER!
The Age of the Retail is upon us.
The brokers have given us commission-free trading. Reddit, twitter, etc. have given us a collective hive mind where ideas can be nurtured, critiqued, developed, distributed, and acted upon in concert.
However, the government, hedge funds, brokers, et. al. still practice their dirty tricks to protect their own. We should fear the systematic risk of cronyism within the halls of government and Wall Street to put the brakes on our profit making, which is our lawful American right.
Should the SEC illegally or unjustly intervene on behalf of their friends (who so often reward government poodle regulators with lucrative jobs after leaving civil service), we will need to find a large law firm that specializes in securities and class actions and is willing to setup a trust account where you give your name, nominal retainer fee, and proof that you owned $GME to establish standing in a suit.
edit: Align incentives.
edit2: To those who misunderstand, this isn't about hiring a defense attorney, this is about holding government regulators accountable in federal court if they chose to illegally or unjustly injure GME holders. That can only be done if GME holders have representation.
Edit3: FUCK ROBINHOOD
Disclosure: We are individual investors that like the stock. Each WSB user acts of his own accord with regards to his market activity. Fearing illegal or unjust SEC action and hiring counsel is our American right, as is our Freedom of Association.
Just picked this up via Stockwits - not sure if it practically means anything will happen (without a lead plaintiff), but seems a step forward from them just requesting info / interest
Huge ruling in favor of Overstock . com. It only took a year to push back on the 2nd Complaint but couldn’t come at a better time for us Apes.
New precedent set for Crypto dividends for ALL public companies who’r heavily shorted.
The Lawsuit was Dismissed by the Judge “with prejudice” meaning that the Plaintiff can’t sue again for the same issue, basically “F#Ck YOU and get this 💩 out of my Court!”.
https://finance.yahoo.com/news/utah-district-court-again-rules-123000394.html
🚀🦍
The laesuits, lawyers and links are now everywhere:
- Floridians join $5 million suit against Robinhood for halting GameStop share trading - Florida Politics
- Bay Area victim sues Robinhood over GameStop trading limits - Fox 13 Tampa Bay
- Class-action lawsuit against Robinhood filed in Tampa - Yahoo News
- After GameStop stock frenzy, Tampa firms join rush to sue Robinhood trading app - Tampa Bay Times
- Area attorney files class-action lawsuit against trading app Robinhood - Business Observer
February 02, 2021 07:27 PM Eastern Standard Time
NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of those who sold American Airlines Group Inc. (NASDAQ: AAL), AMC Entertainment Holdings Inc. (NYSE: AMC), BlackBerry Limited (NYSE: BB), Bed Bath & Beyond Inc. (NASDAQ: BBBY), or GameStop Corp. (NYSE: GME) via the Robinhood trading platform on or after January 28, 2021 as a result of Robinhood’s restrictions. The lawsuit seeks to recover damages for those affected by Robinhood’s alleged market manipulation under the federal securities laws.
To join the Robinhood class action, go http://www.rosenlegal.com/cases-register-2029.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com
... keep reading on reddit ➡Sign up here: onlinetradinglawsuit.com
UPDATE: we are at almost 500 plaintiffs-- sign up if you haven't joined a suit yet!
About 6 lawsuits have been filed so far, most by attorneys who DO NOT specialize in securities/finance/trading law. Watch out for employment, auto accident, personal injury, etc. lawyers. They are not experts in this area of law.
I have been working hard to find an expert in this area and am partnering with one of the top attorneys in securities law who went to one of the top law schools in the country at NYU. I am trusting him with my case, and working non-stop for all of us to win big. He is also an expert in California law, which is where Robinhood is located and the suits will be heard. Update: working on bringing in a second securities class action expert attorney/firm!
I am just a law student at USC in LA, donating my time to learn from the best while fighting with every ounce of energy I have for all of us. This was wrong and I have talked to too many people who lost life savings. I won't let that happen. Frankly, I do not care who represents you as long as you are strongly represented and see some justice. But if you have not signed on already, I would love to have you join our team as we fight this thing to the bitter end.
Feel free to email me acworrel@usc.edu or message me on insta austincworrell to discuss further!
(message me for firm details. I originally posted a link to the firm here and on the site, but was asked to remove it when they received spam and prank calls over the weekend. Will update here and website when given the ok again.)
