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Lawsuit filed for Investors in shares of Coinbase Global, Inc. (NASDAQ: COIN)

08-17-2022 11:21 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Coinbase Global, Inc. (NASDAQ: COIN) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Coinbase Global, Inc. (NASDAQ: COIN) shares over alleged securities laws violations.

An investor, who purchased shares of Coinbase Global, Inc. (NASDAQ: COIN), filed a lawsuit over alleged violations of Federal Securities Laws by Coinbase Global, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Coinbase Global, Inc. (NASDAQ: COIN) have certain options and for certain investors are short and strict deadlines running. Deadline: October 3, 2022. NASDAQ: COIN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On April 14, 2021, Wilmington, DE based Coinbase Global, Inc. went public through the Offering, making available 114,850,769 shares of its Class A common stock to the general public. Shares of Coinbase Global, Inc. (NASDAQ: COIN) began trading on the NASDAQ at $381.00 per share.

On May 10, 2022, in its quarterly report for the first quarter of 2022, released after the markets closed, Coinbase Global, Inc. disclosed that: "[B]ecause custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors."

In a subsequent tweet commenting on the disclosure, Coinbase's Chief Executive Officer, Brian Armstrong, stated: "We should have updated our retail terms sooner, and we didn't communicate proactively when this risk disclosure was added. My deepest apologies, and a good learning moment for us as we make future changes."

Shares of Coinbase Global, Inc. (NASDAQ: COIN) declined to $40.83 per share on May 12, 2022.

On May 12, 2022, Professor Adam J. Levitin, a professor of law, at Georgetown University Law Center, published a draft of an article entitled "Not Your Keys, Not Your Coins: Unpriced Credit Risk in Cryptocurrency," set to appear in the Texas Law Review, which argues that in the event a cryptocurrency exchange files for bankruptcy, bankruptcy courts are likely to deem custodial holdings of cryptocurrencies to be property of the bankrupt exchange, rather than the property of its customers.

Then, on July 25, 2022, after the markets closed, Bloomberg reported that Coinbase is facing an SEC probe into whether it improperly let Americans trade digital assets that should have been registered as securities.

The plaintiff claims that between April 14, 2021 and July 26, 2022, the Defendants made false and/or misleading statements and/or failed to disclose that Coinbase custodially held crypto assets on behalf of its customers, which assets Coinbase knew or recklessly disregarded could qualify as the property of a bankruptcy estate, making those assets potentially subject to bankruptcy proceedings in which Coinbase's customers would be treated as the Company's general unsecured creditors, that Coinbase allowed Americans to trade digital assets that Coinbase knew or recklessly disregarded should have been registered as securities with the SEC, that the foregoing conduct subjected the Company to a heightened risk of regulatory and governmental scrutiny and enforcement action, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Coinbase Global, Inc. (NASDAQ: COIN) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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