Hashtag hunt targets Citadel
IT’S not just the Reddit crowd that’s watching the alleged #citadelscandal. An organizer of a class-action lawsuit against the market maker accused of having a too cozy relationship with Robinhood told The Post that lawyers are keeping an eye on social media, too.
They’re looking for any clues that might bolster their case that Robinhood clients got a bum deal when the trading app routed their orders through the Ken Griffin-run Citadel Securities.
Josh Bowder, the son of Hermitage Capital’s Bill Bowder and who’s helping to organize a class-action suit, wouldn’t disclose what — if anything — the lawyers have found, but he said people who are part of the proposed class are making sure to keep the spotlight on the issue by keeping it on the tips of their Twitter tongues.
They seem to have succeeded with #citadelscandal trending Thursday.
“It’s all connected . . . the people helping trend these topics are likely in on the suit,” one Reddit insider told The Post. “The trending hashtag will happen more and more often.”
Browder is CEO of Do Not Pay — a legal service that helps with class-action lawsuits — and he says the more #citadelscandal trends, the sooner a lawsuit could be wrapped up.
“Things leak in discovery . . . so this could mean more bad p.r. for Robinhood,” Bowder said.
A federal judge denied certification of the class, but Browder said they will ask the judge to reconsider.
Citadel Securities has denied any wrongdoing, as has Robinhood, run by CEO Vlad Tenev. Griffin and Tenev have vehemently denied even knowing each other.
Citadel pays Robinhood for its order flow — and in return gets to see the data about trades Robinhood users are making. Some day traders have come to believe Citadel Securities is in cahoots with Robinhood.