The app suffered a systemwide, all-day outage. The company claimed it was due to an "unprecedented load" on the infrastructure due to volatile market conditions. But then it happened and again. The app crashed three times in one week. A week, mind you, that had multiple days with significant trading.
Users took to social media to blast the company. A Twitter account called "Robinhood Class Action" had more than 7000 followers in just days. Some even took legal action against Robinhood, which is ironic. You know, the hero being sued? Anyways.
But let's not forget about the fine print. Robinhood's customer agreement states that it will not be responsible for "temporary interruptions in service due to maintenance, Website or App changes, or failures" beyond its control.
Always, always read the fine print.
But this wasn't even close to the worst thing the company faced in this 2020. In June of this year, Alexander Kearns committed suicide after his Robinhood margin trading account displayed a negative $730 000 balance.