Robinhood Asks Full Ninth Circuit to Hear IPO Disclosure Case

The full Ninth Circuit should consider Robinhood Markets Inc.'s arguments for dismissing an investor suit over revenue metrics before the trading platform’s initial public offering, the company told the appeals court.

A three-judge panel’s majority was wrong to revive the proposed class action, Robinhood said Sept. 12 in a petition to the US Court of Appeals for the Ninth Circuit. The panel’s reasons conflicted with decisions of the US Supreme Court, the Ninth Circuit, and other circuits, Robinhood said.

Further, the decision raises issues of exceptional importance, the company said. “The panel’s holding that public companies are required to disclose ...