According to the Complaint, Coinbase Global, Inc. is a cryptocurrency exchange.

On April 14, 2021, Coinbase went public through a direct offering, making available 114,850,769 shares of its Class A common stock to the general public.

The Complaint alleges that the registration statement and prospectus used to effectuate the Company’s Offering were false and misleading and omitted to state that, at the time of the Offering: (1) Coinbase required a sizeable cash injection; (2) Coinbase’s platform was susceptible to service-level disruptions, which were increasingly likely to occur as the Company scaled its services to a larger user base; and (3) as a result of the foregoing, the positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.

On July 23, 2021, Plaintiff filed a corrected Complaint. The Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel on November 5. On December 20, Lead Plaintiff filed a consolidated Complaint.

On June 20, 2023, the Court issued an Order staying the case pending the outcome of a case in the Ninth Circuit.