A federal judge ruled that Coinbase shareholders can proceed with a lawsuit accusing the cryptocurrency exchange of concealing business risks, including potential SEC lawsuits. The judge rejected attempts by Coinbase to dismiss claims based on various statements made over two years. Shareholders allege they were misled about the likelihood of an SEC lawsuit and the risk of asset loss in bankruptcy. The judge stated that claims must be specific to each defendant and not based on “group pleading.” Coinbase’s stock fell 12% after the SEC lawsuit and 26% following revenue decline disclosures. The lawsuit covers shareholders from April 2021 to June 2023.

Read more at Yahoo Finance: Coinbase to face narrowed shareholder lawsuit