Robinhood Investors Appeal Second Dismissal of IPO Class Suit

Robinhood Markets Inc. investors who sued the trading platform over allegedly deceptive initial public offering documents are appealing last month’s dismissal of their proposed class action before the Ninth Circuit.

A pair of Robinhood shareholders filed a notice of appeal to the US Court of Appeals for the Ninth Circuit on Wednesday, seeking to revive a lawsuit which alleged that Robinhood, its top executives, and underwriters of the offering withheld material information about the company ahead of its IPO.

In prospectus documents for the offering, Robinhood failed to disclose slowing revenue growth and trading volume due to changes in business ...