BlockBeats news, September 10, according to CoinDesk, last week, a US judge ruled that Coinbase must face a class action lawsuit filed by shareholders due to regulatory risks. The lawsuit was filed by Coinbase shareholders, accusing the exchange of misleading them about the possibility of being sued by the US Securities and Exchange Commission (SEC).
Multiple Coinbase shareholders sued the exchange in 2022, alleging that the exchange “made materially false and misleading statements” about its operations and the regulatory risks it faced. New Jersey District Court Judge Brian Martinotti ruled on Thursday that while the plaintiffs had a persuasive case about Coinbase’s conduct with respect to regulatory actions (the SEC did, in fact, sue Coinbase), they did not have a persuasive case on most of the allegations.
“The Court finds that Plaintiffs have sufficiently alleged that Defendants misleadingly portrayed the likelihood that the SEC would not pursue an enforcement action by repeatedly emphasizing that the crypto assets they listed are not securities,” the court filing reads.
by blockbeats
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