Donnahe George Sues Robinhood Over AMC Stock Tokens Backing

FORT LAUDERDALE, FL, September 12, 2026 /CourierPR/ -- Donnahue George, founder of Donnahue George Investigations, has filed a federal lawsuit against Robinhood Markets, Inc., seeking proof of the 1:1 backing of AMC Stock Tokens. The case, George v. Robinhood Markets, Inc., et al., is pending in the United States District Court for the Southern District of Florida.

According to the lawsuit, Robinhood publicly claims that every Stock Token in circulation is backed 1:1 by the corresponding underlying AMC Entertainment Holdings, Inc. equity and that the underlying shares are held by a U.S.-based custody partner. Donnahue George is requesting the court to authorize limited expedited discovery to obtain documentary evidence supporting these claims.

The lawsuit seeks records that would establish the timing and details of AMC Stock Token transactions, including the dates and times of token issuance, the number of tokens involved, and the corresponding AMC shares purchased. Specifically, Donnahue George is asking for records that show the dates and times of token transactions, the number of tokens, the dates and times AMC shares were acquired, the quantities purchased, the execution prices, the executing brokers or trading venues, settlement information, and records establishing when the AMC shares were placed into custody.

Additionally, the lawsuit requests identification of Robinhood's licensed U.S.-based custodian and relevant custodial and security-agent agreements governing the underlying AMC shares. Donnahue George emphasizes the importance of establishing a chronological reconciliation showing the issuance and outstanding AMC Stock Tokens, the corresponding AMC shares purchased, the settlement of those shares, the placement with the custodian, and the continuous 1:1 reconciliation.

Donnahue George's six-month market-integrity investigation of AMC trading activity identified anomalies that warrant further investigation. The investigation covered areas such as off-exchange trading, short-sale activity, failures to deliver, securities lending, options activity, and other market data capable of identifying unusual trading patterns. While Donnahue George notes that an anomaly is not by itself proof of illegal market manipulation, the existence, timing, and custody of the underlying AMC shares should be independently verifiable.

Donnahue George expressed concerns that the situation resembles "FTX 2.0 vibes," highlighting the importance of verifying the assets represented as backing financial products. The founder of Donnahue George Investigations emphasized the need for transparency and investor protection, stating that if Robinhood's representations are accurate, the records should demonstrate continuous 1:1 backing. If the records do not support these claims, Donnahue George believes investors, AMC shareholders, regulators, and the court deserve to understand why.

The lawsuit aims to obtain verification of Robinhood's claims and to ensure that the financial products offered to investors are backed by the promised assets. Donnahue George's objective is to promote market transparency and investor protection, as tokenization may become an increasingly important part of the financial markets.