A securities class action has been filed in the USDC — E.D.PA. against Coinbase Global, Inc. (COIN) (“Coinbase” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Coinbase securities between April 14, 2021 and July 25, 2024, both dates inclusive (the “Class Period”).
Coinbase has stated the following about its business:
The Company provides a trusted platform that serves as a compliant gateway to the onchain economy and enables customers to engage in a wide variety of activities, including discovering, trading, staking, storing, spending, earning, and using their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. The Company offers (i) consumers their primary financial account for the cryptoeconomy, (ii) institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and (iii) developers a suite of products granting access to the Company’s ecosystem.
The complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that:
(1) In 2020, after investigation, the United Kingdom’s Financial Conduct Authority (“FCA”) had deemed efforts by the Company’s British unit, CB Payments Limited (“CBPL”), to prevent criminals from using its platform, to be inadequate;
(2) as a result, the FCA reached an agreement with CBPL, which put requirements in place that were designed to prevent high risk customers from using CBPL’s platform;
(3) CBPL then breached that agreement, which resulted in 13,416 high risk individuals receiving services;
(4) the foregoing resulted in an undisclosed heightened regulatory risk; and
(5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times, thereby harming investors.
If you purchased Coinbase Securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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