The directors of Robinhood Markets face a derivative lawsuit over their alleged misconduct which caused damage to the company and its investors. The lawsuit was brought by Robert Zito, a stockholder of Robinhood.
The complaint, seen by FX News Group, is for the benefit of nominal defendant Robinhood Markets, Inc., and is against Robinhood’s Board of Directors and certain of its executive officers. The plaintiffs seek remedy of defendants’ breaches of fiduciary duties and violations of federal law. The action seeks to remedy alleged wrongdoing committed by the company’s directors and officers in their management and control of the company.