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....