Coinbase and several top executives were hit with a securities class action Thursday in California Northern District Court over the company’s direct listing on the Nasdaq. The suit, filed by Scott + Scott, accuses Coinbase insiders of misleading investors regarding the company’s financial health and the resiliency of its cryptocurrency trading platform. The suit brings claims against several Coinbase officers and directors, including CLO Paul Grewal, as well as the platform’s venture capital backers. Counsel have not yet appeared for the defendants. The case is 3:21-cv-05634, Ramsey v. Coinbase Global, Inc. et al.
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