Shareholders have accused Coinbase of downplaying the likelihood it would be sued by the U.S. SEC
A federal judge rejected Coinbase’s bid to dismiss a proposed class action by shareholders who accused the operator of the largest U.S. cryptocurrency exchange of downplaying the likelihood it would be sued by the U.S. Securities and Exchange Commission.
Martinotti said shareholders adequately alleged that Coinbase and top executives defrauded them by describing “a favorable picture of the improbability that the SEC would file an enforcement action by repeatedly emphasizing that the crypto assets they listed were not securities.” Coinbase’s share price fell more than 26 per cent on May 11, 2022, the day after it added disclosures and reported a larger-than-expected decline in quarterly revenue.
Coinbase said in a statement on Friday: “We remain confident that we are right on the facts and the law, and we look forward to proving the rest of our case.”In March, a federal judge in Manhattan rejected Coinbase’s bid to dismiss the SEC lawsuit.
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