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.