Coinbase shareholders sue company executives for allegedly misleading investors about bankruptcy risks
2025-02-19 03:52:32
Cointelegraph reports coinbase shareholders wenduoguo 18 new jersey commonwealthdesk3cryptocurrencydesktopCrypto News
According to Cointelegraph, Coinbase shareholder Wenduo Guo filed a lawsuit in New Jersey federal court on February 18, accusing the cryptocurrency exchange and its executives of violating securities laws by allegedly withholding information related to bankruptcy risks from investors.
The lawsuit alleges that Coinbase and its management failed to disclose the risk that user assets could be treated as bankruptcy property, which would make retail users unsecured creditors. The indictment also states that at least 75 cryptocurrency exchanges failed before the company went public in April 2021, leaving users unable to recover their digital assets.
In addition, the lawsuit alleges that Coinbase failed to disclose that it conducted proprietary trading in response to falling cryptocurrency prices. The lawsuit targets a number of executives and board members, including CEO Brian Armstrong. The plaintiffs are seeking a jury trial and damages and corporate governance reforms.
The lawsuit alleges that Coinbase and its management failed to disclose the risk that user assets could be treated as bankruptcy property, which would make retail users unsecured creditors. The indictment also states that at least 75 cryptocurrency exchanges failed before the company went public in April 2021, leaving users unable to recover their digital assets.
In addition, the lawsuit alleges that Coinbase failed to disclose that it conducted proprietary trading in response to falling cryptocurrency prices. The lawsuit targets a number of executives and board members, including CEO Brian Armstrong. The plaintiffs are seeking a jury trial and damages and corporate governance reforms.
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