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Investors Claim Coinbase Hid Problems Before IPO

By Katryna Perera (August 5, 2022, 5:25 PM EDT) — Investors accused cryptocurrency exchange Coinbase Inc. and its top brass of misleading them about the strength of the exchange’s platform and its compliance with federal securities laws before its initial public offering, in a derivative suit and separate proposed class action.

The derivative suit, filed in Delaware federal court by shareholder Donald Kocher, alleges Coinbase misrepresented cornerstone pillars of its business, such as its trusted platform and “flywheel” growth strategy, in its registration statement with the U.S. Securities and Exchange Commission before going public in April 2021. 

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A proposed class action in New Jersey federal court, led by plaintiff Vijay Patel, accuses…

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