Coinbase and top executives face securities class action lawsuit over Nasdaq listing

A Coinbase shareholder has filed a securities class action lawsuit against Coinbase for allegedly misleading investors prior to its public listing about the financial condition and resilience of the company as a crypto trading platform.

Filed by law firm Scott + Scott in Northern California District Court on Thursday, the class action names Coinbase shareholder Donald Ramsey as plaintiff, both individually and on behalf of all other investors in the same situation.

Ramsey is pursuing his claims under the United States Securities Act and has presented evidence from Coinbase’s regulatory documents to the Securities and Exchange Commission (SEC), company press releases, analyst reports and other publicly disclosed information about the exchange.

Shareholder, Donald Ramsey has filed a securities class action suit as an individual plaintiff as well as on behalf of other victims, against Coinbase, its CEO Brian Armstrong, CLO Paul Grewal, and several other senior executives, along with venture capital backers; for allegedly being ambiguous and deceptive about the financial situation and resilience of the company as a crypto trading platform, before the public listings.

The lawsuit has been filed by the defendant’s law firm Scott + Scott in Northern California District Court on Thursday. Defendant’s lawyers have asserted their claims under the United States Securities Act, with required evidence collected from Coinbase regulatory documents to the Securities and Exchange Commission (SEC), company press releases, analyst reports, and other publicly disclosed information about the exchange.

Ramsey claims that Coinbase and its executives made “materially misleading statements” in their offering documents at the time of public listing and backing Coinbase’s efficiency and resilience with statements that, “lacked a reasonable basis.” READ MORE....

Coinbase and several top executives were hit with a securities class action Thursday in California Northern District Court over the company’s direct listing on the Nasdaq. The suit, filed by Scott + Scott, accuses Coinbase insiders of misleading investors regarding the company’s financial health and the resiliency of its cryptocurrency trading platform. The suit brings claims against several Coinbase officers and directors, including CLO Paul Grewal, as well as the platform’s venture capital backers. Counsel have not yet appeared for the defendants. The case is 3:21-cv-05634, Ramsey v. Coinbase Global, Inc. et al. READ MORE....

A Coinbase shareholder has archived a securities class action lawsuit against Coinbase for allegedly misleading investors prior to its public listing on the company’s financial status and its resilience as a crypto trading platform.

Filed by the Scott + Scott law firm in the Northern California District Court on Thursday, the class action lawsuit names Coinbase shareholder Donald Ramsey as the plaintiff, both individually and on behalf of all other like-minded investors.

Ramsey is pursuing its claims under the United States Securities Act and has presented evidence drawn from Coinbase’s regulatory filings with the Securities and Exchange Commission (SEC), company press releases, analyst reports, and other. publicly disclosed information about the exchange. READ MORE....