A new group of Coinbase stockholders has filed a derivative lawsuit in Delaware. This is a follow on suit to an original suit filed in April 2023, alleging the company's leadership including CEO Armstrong, and top investors, including Marc Andreessen over an alleged years long scheme involving insider trading of billions of dollars worth of company stock.
The allegations amount to a type of insider trading claim that Armstrong, Andreessen, and others avoided roughly $1B in losses by selling $2.9B worth of stock following Coinbase’s 2021 direct listing.
Further, information was allegedly withheld from investors, Coinbase insiders (Armstrong, Andreessen), sold $4.2B worth of stock in the company. The plaintiffs allege these proceeds constitute “lucrative insider trading” that took advantage of the “artificially inflated price” of Coinbase stock. https://decrypt.co/350490/coinbase-c-suite-andreessen-sued-billions-alleged-insider-trading #CoinBase #Lawsuit #InsiderTrading #Armstrong #Investors #Andreessen #Crypto #CryptoExchange #CryptoCurrencies #Stock #StockPrice
