Law360 (February 8, 2021, 5:17 PM EST) -- Brokerage firms, clearing houses, market makers and hedge funds are facing dozens of putative class actions across the country after some brokers restricted trading of so-called meme stocks popular with retail investors on the WallStreetBets Reddit forum and other similar message boards.
Following those restrictions, shares of the meme stocks have plunged. GameStop Corp., for instance, was trading at less than $64 at the close on Feb. 5, compared to on Jan. 27, when it had surged to as high as $347 as retail investors banded together in an attempt to effect a short squeeze against hedge funds.
The plaintiffs in...
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