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Case Status:    ONGOING    
On or around 12/26/2023 (Date of last review)

Filing Date: August 04, 2022

According to the Complaint, Coinbase Global, Inc. provides financial infrastructure and technology products and services for the cryptocurrency economy (or “cryptoeconomy”) in the U.S. and internationally. The Company purportedly offers the primary financial account in the cryptoeconomy for retailers, a marketplace with a pool of liquidity for transacting in crypto assets for institutions, and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Coinbase custodially held crypto assets on behalf of its customers, which assets Coinbase knew or recklessly disregarded could qualify as the property of a bankruptcy estate, making those assets potentially subject to bankruptcy proceedings in which Coinbase’s customers would be treated as the Company’s general unsecured creditors; (ii) Coinbase allowed Americans to trade digital assets that Coinbase knew or recklessly disregarded should have been registered as securities with the SEC; (iii) the foregoing conduct subjected the Company to a heightened risk of regulatory and governmental scrutiny and enforcement action; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On December 12, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 22-CV-04915.

Lead Plaintiff filed a consolidated Complaint on February 22, 2023. On May 10, Lead Plaintiff filed an amended consolidated Complaint. On July 20, Lead Plaintiff filed a second amended consolidated Complaint.

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