Roblox Stock (RBLX) Falls as Tennessee Joins a Lawsuit Spree

Roblox (RBLX) stock slipped on Friday after the video game company was named in a lawsuit from Tennessee Attorney General Jonathan Skrmetti. According to the lawsuit filed against Roblox, the company profits by "luring children into an environment it knows is dangerous but promises is safe."Claim 50% Off TipRanks Premium and Invest with Confidence Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential Skrmetti's lawsuit adds Tennessee to a growing list of states that have filed against Roblox over its alleged lack of child safety. So far, the Attorneys General of Florida, Kentucky, Louisiana, and Texas have also filed lawsuits against Roblox due to its alleged failure to protect children on its platform. The video game company has also been criticized for blocking users who target predators on Roblox, such as YouTuber Schlep. While Roblox has announced changes to its child protections, it doesn't appear that these have been enough for the Attorneys General. Additionally, the company has been working on a way to get Russia to remove its ban on the game. However, there's no guarantee its plan will work. Roblox Stock Movement Today Roblox stock was down 1.54% on Friday but was still up 42.57% year-to-date. The company's stock has also rallied 39.59% over the past 12 months. These gains are tied to its strong user growth, despite the child endangerment lawsuits the company has faced.