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Cryptopolitan 2025-02-08 01:23:10

Game platform Roblox is under ‘active investigation’ by the SEC, RBLX stock tanks

Game platform Roblox is under ‘active investigation’ by the SEC, RBLX stock tanks

CNBC reported on Friday that Roblox, a popular gaming platform, is being investigated by the US SEC (Securities and Exchange Commission). Bloomberg mentioned that they’ve received confirmation from the SEC that Roblox is currently part of an “active investigation”. However, the SEC has not revealed further details yet as it could harm the “ongoing enforcement proceeding.” Regarding this, the commission stated, “We have confirmed with Division of Enforcement staff that there are responsive emails between Enforcement staff referencing Roblox and that these emails are a part of an active and ongoing investigation.” Reports about Roblox being on SEC’s watch first surfaced in November 2024 in a report by Hunterbrook Media . It cited Freedom of Information Act requests. An affiliate of Hunterbrook Media called Hunterbrook Capital reportedly held a short position in RBLX stock at that time. Roblox Corp. has not commented on the on-going investigation This is not the first time Roblox has faced scrutiny. Earlier in October 2024, Hindenburg Research claimed that Roblox Corporation has purposely inflated metrics that include its number of users and time-spent on the platform. The now-defunct research firm also cited concerns about child-safety. However, a Roblox spokesperson rejected the claims made by Hindenburg research and blamed the authors for being “short sellers” and for having “an agenda.” As of yet, Roblox has not given a statement on the currently on-going investigation and the subject of this investigation remains a mystery. Roblox stock fell by over 20% on Thursday RBLX (NYSE:RBLX) stock fell by 25.2% percent after Roblox Corporation reported disappointing fourth quarter results on Thursday. It reported $1.36 billion in bookings for the fourth quarter with daily users at 85.3 million, marking a 19% growth in user-base since last year but a 4% decrease compared to the third quarter. RBLX stock (Source: Google Finance) The daily users figure was rather disappointing for investors. Roblox Corporation mentioned that it anticipates between $5.20 and $5.30 billion in bookings for 2025. In the earnings release, David Baszucki, the CEO of Roblox mentioned, “As we aim to support 10% of the global gaming content market, we’ll continue investing in our virtual economy, app performance, and AI-powered discovery and safety, empowering creators and enhancing the user experience.” In a public letter to the shareholders, Roblox mentioned that it is working on “several initiatives” that can boost growth in 2025. Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet

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