Coinbase slapped with headlines suit on public debut


Law360 (July 22, 2021, 10:35 p.m. EDT) – Coinbase and its senior executives were hit by a securities class action proposal on Thursday regarding the cryptocurrency platform’s decision to go public, with one shareholder claiming that Coinbase’s offering material was fake and misleading, and its share price has fallen since its debut in April.

Investor Donald Ramsey said in his complaint that Coinbase did not state at the time of its direct listing that the company needed a “significant cash injection” and that its platform was susceptible to disruption in the level of service that were “more and more likely to occur as a company extended its services to a larger user base.”

Ultimately, Coinbase’s statements …

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