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Stock-trading app Robinhood faced another major outage on Monday amid a stock market plunge surrounding looming fears of the coronavirus outbreak. This follows a similar outage on March 2, when the trading app faced technical difficulties on the day the Dow saw its biggest point gain in history.
The Robinhood status page reported the app was down at 9:51 a.m. ET and a fix was identified and being implemented as of 10:30 ET. The outage affected equities, options and cryptocurrency trading on the platform.
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At 1:19 p.m. ET, the company tweeted that trading for new orders was fully functional excluding fractional equities.
The market saw a plunge on Monday morning after massive sell-offs due to coronavirus fears and dropping oil prices. Trading was halted for 15 minutes until reopening at 9:49 a.m. ET after the sell-offs triggered a key market circuit breaker.
Robinhood is currently facing its first lawsuit after its 10 million users suffered a daylong outage on March 2, during the market’s most historic surge. The Dow rose nearly 1,300 points, the S&P 500 surged 136 points and the Nasdaq jumped 384 points. The daylong outage resulted in two days of functionality issues and glitches across its app, website and help center. The class-action lawsuit was filed on March 4, in the U.S. District Court in Tampa, Florida. The lawsuit seeks unspecified damages.
A Robinhood spokesperson stated the previous outage was a result of infrastructure issues that didn’t allow for its computer systems to communicate with each other.
Follow Jazmin Goodwin on Twitter: @jazminkgoodwin.
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