Robinhood mistakenly told its users that AMC had filed for bankruptcy

• Robinhood accidentally told its users that AMC Entertainment had filed for bankruptcy Monday.
• AMC CEO Adam Aron called the error "so ludicrous, so wrong, so irresponsible".

Robinhood mistakenly told its users that AMC Entertainment had filed for bankruptcy Monday, drawing the ire of the theater chain's boss.

The trading app apologized for the error after applying "an incorrect banner" to AMC for three minutes.

"At 1:45 pm ET, Robinhood experienced a technical issue leading to an incorrect banner being applied to AMC," Robinhood Help said on Twitter. "The banner was removed at 1:48 pm ET."

Robinhood was responding to a tweet by AMC chairman and CEO Adam Aron, who slammed the platform's error and said his company would post strong results for the first three months of 2023, with its first-quarter earnings set to be published Friday.

"I am getting multiple reports that Robinhood briefly posted today that AMC filed for bankruptcy," he wrote. "How can companies like Robinhood do this? So ludicrous, so wrong, so irresponsible."

"On Friday, we report Q1 earnings, and will announce our sizable cash position," Aron added.

AMC has posted losses for four years in a row and 14 consecutive quarters, with US box office sales having slumped since the outbreak of the coronavirus pandemic.

It is currently trying to raise cash by converting its APE preferred equity units into AMC common stock, effecting a 10-for-1 reverse stock split, and raising more capital by selling shares, according to an SEC filing last month.

In a follow-up tweet, Aron said he was considering suing Robinhood for its "incomprehensible incompetence".

Read more: AMC Entertainment plunges 23% after it settles lawsuit to convert APE units into common stock