Outraged users of Robinhood app threaten class-action lawsuit after stock trading-app suffers day-long outage
- Popular stock-trading app Robinhood went dark for a full day of trading on Monday, as the markets had their biggest rally in 12 years.
- Robinhood sent an email announcing service was restored early Tuesday morning and apologized to users.
- Users on Reddit and Twitter and other social media platforms are urging a class-action suit against the company.
Popular stock-trading app Robinhood restored service early Tuesday morning, after being down for a full day of trading on Monday.
In an apology sent to users at approximately 3 a.m. ET, the app told users: "We're reaching out to let you know that Robinhood is currently back up and running. We want to assure you that your funds are safe and personal information was not affected. When it comes to your money, issues like this are not acceptable. We realize we let you down, and our team is committed to improving your experience."
The outage came during the single largest rally the markets had seen in 12 years. One Reddit user posted a picture claiming to have lost $15,000, and said they were considering filing a class-action lawsuit and seeking other users to join in.
On Twitter, the account Robinhood Class Action had over 4,800 followers, many of whom were sending in pictures showing their ostensible losses. One user sent in a picture claiming they lost nearly $500,000.
Some users are also reporting that Robinhood is offering 3 free months of Robinhood Gold, its premium offering. A month of Robinhood Gold costs $5 per month.
Robinhood did not respond to Business Insider's request for comment.