Facing questions about the frenzied trading of GameStop and other stocks earlier this year, executives and an investor at the center of the recent market turmoil have turned to prominent defense lawyers in preparation for the latest in a string of high-profile hearings convened by the U.S. House Financial Services Committee.
The House panel, led by U.S. Rep. Maxine Waters, is examining the breathtaking run-up of a few stocks, including shares of GameStop, in apparent short-squeeze that was driven in part by chatter on a Reddit forum. Amid the volatility, the popular trading platform Robinhood temporarily suspended orders for GameStop and other viral stocks, feeding theories that the startup was seeking to shield hedge funds such as Melvin Capital Management that had bet on the stocks to fall.
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