Law360 (July 22, 2021, 10:35 PM EDT) — Coinbase and its top brass were hit with a proposed securities class action Thursday over the cryptocurrency platform’s move to go public, with one shareholder claiming that Coinbase’s offering materials were false and misleading and that its stock price has plummeted since its April debut.
Investor Donald Ramsey said in his complaint that Coinbase failed to state at the time of its direct listing that the company needed a “sizable cash injection” and that its platform was susceptible to service-level disruptions that were “increasingly likely to occur as the company scaled its services to a larger user base.”
Ultimately, Coinbase’s statements…
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