The U.S. Supreme Court agreed to hear Robinhood Markets' appeal seeking to end a proposed class action alleging that its July 2021 initial public offering documents omitted material changes in financial performance and misrepresented risks to the company's growth prospects. Investors say Robinhood failed to disclose that revenue had shifted toward social-media-driven meme stocks such as GameStop and cryptocurrency dogecoin after an early-2021 surge faded, alongside an exodus of traditional customers. They sued under the Securities Act of 1933 after post-IPO results showed declines in revenue and key performance indicators, which they said caused Robinhood's stock price to drop sharply. Robinhood argues that its IPO filings warned about a downturn from the meme-stock and dogecoin-driven peaks and disclosed relevant future risks. The case, filed in 2021 by Vinod Sodha and Amee Sodha, was dismissed by U.S. District Judge Edward Chen in 2024 but revived in part by the Ninth U.S. Circuit Court of Appeals in 2025 after it found that Chen applied incorrect securities-law standards. The Trump administration supported Supreme Court review. A ruling is expected by the end of June 2027.