Coinbase shareholders have filed a class action lawsuit after the exchange’s stock fell due to allegations of failing to timely disclose a user data leak and violating agreements with UK regulators.
- The lawsuit was filed in the Eastern District Court of Pennsylvania ( USA ) on Thursday, by investor Brady Nessler representing the Coinbase shareholder group.
- Coinbase admitted on May 15, 2025, that the exchange had been bribed by hackers to obtain user data since the previous December — causing the stock to fall by 7.2%, down to $244 on the day.
- The company estimates that the cost of remediation and compensation could reach up to 400 million USD.
- In addition, Coinbase is accused of failing to disclose that CB Payments, its subsidiary in the UK, violated an agreement with the UK Financial Conduct Authority (FCA) since 2020.
- The lawsuit seeks compensation for all investors who purchased Coinbase shares from April 14, 2021, to May 14, 2025.
- CEO Brian Armstrong and CFO Alesia Haas were also named in the lawsuit.
- Currently, COIN stock has recovered to a level of $263.16 ( according to the coin price table on 23/5 ).
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