Investors who have invested in Coinbase’s stock have been reminded of the deadline for submitting a lead plaintiff motion in the ongoing securities class action lawsuit that is being brought against the company, as stated in a recent press statement issued by Bernstein Liebhard LLP, a law firm that is recognized nationally for its work in the area of investor rights.
The Securities Exchange Act of 1934 is alleged to have been violated in the class action lawsuit that was brought before the United States District Court for the District of New Jersey. There were, and continue to be, allegations that Coinbase sells securities.
Coinbase exchange continues operating without a securities license despite the fact that they have dozens of tokens that could be considered securities, according to Gary Gensler, chairman of the Securities and Exchange Commission (SEC), who lamented the state of securities regulations in September 2021.
In addition to this, a shareholder has launched a lawsuit against Coinbase for “gross mismanagement,” a class action lawsuit has been filed against Coinbase in New Jersey, accusing it of misrepresenting its customers, and there are ongoing allegations of insider trading against the company’s former product manager.
Coinbase has had a difficult time surviving the current cryptocurrency winter. Following the first rumors that the company was withdrawing employment offers from potential workers, the exchange made the statement that it would be reducing more than one thousand jobs within its workforce. Recently, Armstrong gave an interview to CNBC in which he said that he anticipates the current crypto winter to last for another year to a year and a half, or maybe even longer.
