Coinbase faces lawsuit from shareholders claiming downplayed SEC risks, shares drop nearly 5%

From Nasdaq Corporation

September 6, 2024 12:00:49 pm:

Cryptocurrency exchange Coinbase (COIN) faces a lawsuit from shareholders, causing shares to drop nearly 5% in Friday morning trading. Newark District Judge Brian Martinotti ruled in favor of the shareholders, allowing a class-action lawsuit claiming Coinbase downplayed risks from the SEC. The company plans to continue lobbying for policy changes in the U.S.

Judge Martinotti found evidence that Coinbase presented a misleading picture of the SEC’s intentions and dismissed claims of false denials of proprietary trading. Despite legal challenges, Coinbase is actively pursuing policy changes and continues to engage in lobbying efforts in the U.S. Analysts maintain a Moderate Buy consensus rating on COIN stock, with an average price target of $256.79 per share, implying a 68.94% upside potential.

Read more at Nasdaq: Coinbase (NASDAQ:COIN) Faces Lawsuit and Lobbies for Change