Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

BED BATH & BEYOND INC.

(BBBY)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Robinhood, others win dismissal of meme stock 'short squeeze' lawsuit

11/30/2021 | 10:28am EST
FILE PHOTO: The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City

(Refiles Nov. 18 article to remove second reference to Citadel in third paragraph)

By Jonathan Stempel

(Reuters) -A U.S. judge dismissed a lawsuit accusing Robinhood Markets Inc and other brokerages of wrongly preventing retail investors from buying fast-rising "meme stocks," triggering a sell-off.

In a decision on Wednesday, Chief Judge Cecilia Altonaga of the federal court in Miami found no proof of an illegal conspiracy to cut off social media-fueled trading of GameStop Corp, AMC Entertainment Holdings Inc, Bed Bath & Beyond Inc and six other stocks.

Investors in the proposed class action said the brokerages and Citadel Securities LLC colluded to halt a "short squeeze" that was causing billions of dollars of losses for hedge funds that were betting on falling stock prices.

The investors said the late January trading curbs left them "no option" but to sell at plummeting prices.

But Altonaga said in her 51-page decision that the investors fell "far short" of providing direct evidence of an antitrust conspiracy, despite emails among senior Robinhood and Citadel executives that lent "some credence" to their claims.

"(A)re a few vague and ambiguous emails between two firms in an otherwise lawful, ongoing business relationship enough to nudge plaintiffs' claims across the line from conceivable to plausible?" Altonaga wrote. "The court thinks not."

Altonaga also dismissed related claims against E*Trade Financial Corp and four other defendants.

Frank Schirripa, a lawyer for the investors, said on Thursday they were disappointed but expected to amend their complaint in the next few weeks.

Robinhood said in a statement: "This further confirms that the conspiracy theory of collusion has no basis in fact."

Citadel said it was pleased with the decision. E*Trade declined to comment. A separate proposed class action accuses Robinhood of negligence.

The meme stock frenzy has been fueled https://www.reuters.com/business/why-did-sec-release-report-gamestop-2021-10-18 by investors using online forums such as Reddit and Twitter.

Many traded from home because of the COVID-19 pandemic, through brokerages that had eliminated trading commissions.

Last month, the U.S. Securities and Exchange Commission said in a report https://www.reuters.com/business/us-sec-praises-equity-market-structure-absolves-short-sellers-gamestop-report-2021-10-18 that markets essentially worked well during the volatility. The regulator did not suggest policy changes.

The case is In re January 2021 Short Squeeze Trading Litigation, U.S. District Court, Southern District of Florida, No. 21-md-02989.

(Reporting by Jonathan Stempel in New York; additional reporting by John McCrank; editing by Jonathan Oatis)


ę Reuters 2021
All news about BED BATH & BEYOND INC.
01/13Bed Bath & Beyond Stock Soars Thursday, Recovers From Recent Lows
MT
01/11INSIDER BUY : Bed Bath & Beyond
MT
01/07BofA Securities Cuts Bed Bath & Beyond's Price Objective to $9.50 From $11.50; Underper..
MT
01/07Loop Capital Lowers Price Target for Bed Bath & Beyond to $10 From $14, Maintains Sell ..
MT
01/07B. Riley Lowers Bed Bath & Beyond's PT to $19 from $28 After Fiscal Q3 Results Miss Est..
MT
01/07Bed Bath & Beyond to Confront Bigger Challenges Ahead as Sales Decline, Wedbush Says
MT
01/07Goldman Sachs Lowers Price Target for Bed Bath & Beyond to $15 From $20, Maintains Sell..
MT
01/07JPMorgan Lowers Bed Bath & Beyond's Price Target to $16 From $19, Maintains Neutral Rat..
MT
01/07Telsey Advisory Adjusts Bed Bath & Beyond's Price Target to $15 from $18, Keeps Market ..
MT
01/06BED BATH & BEYOND INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND ..
AQ
More news
Analyst Recommendations on BED BATH & BEYOND INC.
More recommendations
Financials (USD)
Sales 2022 7 899 M - -
Net income 2022 -394 M - -
Net Debt 2022 672 M - -
P/E ratio 2022 -4,45x
Yield 2022 -
Capitalization 1 481 M 1 481 M -
EV / Sales 2022 0,27x
EV / Sales 2023 0,28x
Nbr of Employees 37 600
Free-Float -
Chart BED BATH & BEYOND INC.
Duration : Period :
Bed Bath & Beyond Inc. Technical Analysis Chart | BBBY | US0758961009 | MarketScreener
Technical analysis trends BED BATH & BEYOND INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 20
Last Close Price 15,46 $
Average target price 15,07 $
Spread / Average Target -2,54%
EPS Revisions
Managers and Directors
Mark J. Tritton President, Chief Executive Officer & Director
Gustavo Arnal Treasurer, Chief Financial & Accounting Officer
Harriet Edelman Independent Chairman
Scott Lindblom Chief Technology Officer
John R. Hartmann Chief Operating Officer & Executive Vice President
Sector and Competitors
1st jan.Capi. (M$)
BED BATH & BEYOND INC.6.04%1 481
NITORI HOLDINGS CO., LTD.-2.90%16 589
WILLIAMS-SONOMA, INC.-13.06%10 727
RH-16.51%9 606
DUNELM GROUP PLC0.94%3 864
AT HOME GROUP INC.0.00%2 412