Robinhood Markets Inc. said regulators are investigating the firm’s compliance with recordkeeping requirements, including employees’ use of “off-channel communications.”

The firm is cooperating with probes by the enforcement divisions of the Securities and Exchange Commission and Financial Industry Regulatory Authority, Menlo Park, California-based Robinhood said Wednesday in a quarterly filing.

The SEC is also looking into whether the brokerage followed rules about trade reporting related to securities lending and fractional share trading, according to the filing.

Last year, regulators reached settlements with a group of big banks in a sprawling investigation into how the firms monitored their employees’ communications on unauthorized messaging apps such as WhatsApp.

Read more: Wall Street Hit With $2 Billion of Fines in WhatsApp Probe

Robinhood also reported first-quarter results after US markets closed Wednesday. Revenue for the period totaled $441 million, beating the $422.8 million average estimate of analysts in a Bloomberg survey. It reported an adjusted net loss of $511 million, or 57 cents a share, 1 cent worse than Wall Street anticipated.

Shares of Robinhood rose 4.8% in early trading before New York exchanges opened on Thursday after previously closing at $9.07. The shares had lost more than three—quarters of their value since the firm’s 2021 initial public offering through Wednesday’s market close.

(Updated with premarket shares in final paragraph)