Robinhood (HOOD), the popular trading platform, received a Wells Notice from the Securities and Exchange Commission (SEC) on March 4. The stock fell about 2.5% in premarket trading on Monday.
"On May 4, 2024, RHC received a “Wells Notice” from the Staff of the SEC (the “Staff”) stating that the Staff has advised RHC that it made a “preliminary determination” to recommend that the SEC file an enforcement action against RHC alleging violations of Sections 15(a) and 17A of the Securities Exchange Act of 1934, as amended," Robinhood said in a filing on Monday.
Wells notices are preliminary warnings informing respondents of the charges the regulator is considering against them. They usually lead to enforcement actions.
The company said that the potential action from the agency may include "a civil injunctive action, public administrative proceeding, and/or a cease-and-desist proceeding and may seek remedies that include an injunction, a cease-and-desist order, disgorgement, pre-judgment interest, civil money penalties, and censure, revocation, and limitations on activities."
Previously, Robinhood ended support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) on June 27th - the three tokens that were named as securities in the SEC lawsuits brought against Binance and Coinbase.
Read more: Robinhood Joins Coinbase in Saying It Tried to 'Come In and Register' Like SEC Wanted
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