According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- in 2020, after investigation, the United Kingdom’s Financial Conduct Authority (“FCA”) had deemed efforts by Coinbase’s British unit, CB Payments Limited (“CBPL”), to prevent criminals from using its platform, to be inadequate;
- as a result, the FCA reached an agreement with CBPL, which put requirements in place that were designed to prevent high risk customers from using CBPL’s platform;
- CBPL then breached that agreement, which resulted in 13,416 high risk individuals receiving services;
- the foregoing resulted in an undisclosed heightened regulatory risk; and
- as a result, defendants statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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