A tweet on Monday from AMC Entertainment Holdings Inc. AMC CEO Adam Aron called out Robinhood Markets Inc HOOD for incorrectly posting a banner that said AMC filed for bankruptcy.
“I am getting multiple reports that Robinhood briefly posted today that AMC filed for bankruptcy,” Aron tweeted. “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.”
Robinhood’s Help account replied to Aron’s tweet, saying that a technical issue led to the incorrect banner being displayed.
AMC’s stock page on Robinhood displayed a banner at 1:45 p.m. ET that AMC filed for bankruptcy. The stock dipped around the same time, although only slightly. Robinhood took down the banner three minutes later, at 1:48 p.m. ET, according to Robinhood’s Help page.
Robinhood provides news and updates for stocks. For example, if a stock is halted due to volatility, there may be a banner explaining the stock isn’t currently trading.
AMC’s stock has been a favorite among retailers, dating back to a major short squeeze in 2021 that caused the stock to skyrocket more than 450%.
On top of that, such as GameStop, the brand is very popular among younger traders, 20 to 30 years old.
AMC Price Action: AMC closed Monday’s trading up 2.73% at $5.65, more than $20 off of its 52-week high of $27.50. After-Hours trading has it down 0.18% at $5.64.
Photos: AMC and Robinhood, Shutterstock; Aron, AMC
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