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Robinhood tradesCBS News
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75% Informative
Alex Kearns took his own life last June mistakenly believing he'd lost nearly $750,000 in a risky bet on Robinhood .
His parents filed a lawsuit, first obtained by CBS News , on Monday accusing Robinhood of wrongful death, negligent infliction of emotional distress and unfair business practices.
Alex 's parents say Robinhood targeted young and inexperienced customers, pushed them to engage in risky trading practices.
Robinhood is a popular online trading app for young investors.
Some critics say the company has been reckless in its rush to sign up new investors.
Massachusetts Secretary of the Commonwealth filed a complaint against Robinhood in December .
The company says it disagrees with the allegations in the complaint and intends to defend the company.
Robinhood did not make CEO Vlad Tenev available for an interview.
In a statement to CBS News , the company said they were "devastated" by Alex Kearns' death.
In early September , Robinhood added the ability for customers engaged in a certain part of the options trade process to request a call back.
VR Score
75
Informative language
70
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81
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English
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38
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