
Payoneer Global Inc. (PAYO)
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
Investigation
07/25/2022
Initial Lawsuit
08/04/2022
Lawsuit Progression
10/03/2022
Did Coinbase Global Inc. (COIN) mislead investors regarding the custodial fiat currencies and cryptocurrencies it holds on behalf of its customers?
This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.
A lawsuit was subsequently filed. We update this post regularly.
07/26/2022
Bloomberg publishes an article entitled “Coinbase Faces SEC Probe on Crypto Listings; Shares Tumble.”
“Coinbase Global Inc. is facing a US probe into whether it improperly let Americans trade digital assets that should have been registered as securities, according to three people familiar with the matter. . .”
“However, the SEC mostly hasn’t said specifically which coins are securities, and exchanges decide whether to list an asset. Platform operators are seeking to avoid offering those deemed securities because doing so could trigger investor-protection rules, some of which crypto enthusiasts say are incompatible with digital assets.”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$52.93 | $67.07 | $-14.14 | -21.08% |
A Coinbase Global Inc. (COIN) investor filed a federal securities class action lawsuit on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired Coinbase securities between April 14, 2021, and July 26, 2022, both dates inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) Coinbase custodially held crypto assets on behalf of its customers, which assets Coinbase knew or recklessly disregarded could qualify as the property of a bankruptcy estate, making those assets potentially subject to bankruptcy proceedings in which Coinbase’s customers would be treated as the company’s general unsecured creditors;
(ii) Coinbase allowed Americans to trade digital assets that Coinbase knew or recklessly disregarded should have been registered as securities with the SEC;
(iii) the foregoing conduct subjected the company to a heightened risk of regulatory and governmental scrutiny andenforcement action; and
(iv) as a result, the company’s public statements werematerially false and misleading at all relevant times.
The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses
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