TechFlow news, October 12 — According to prnewswire, prominent U.S. law firm Pomerantz LLP announced on Friday that it has filed a class-action lawsuit against cryptocurrency exchange Coinbase Global, Inc. (Nasdaq: COIN). The lawsuit alleges that Coinbase and certain of its executives engaged in securities fraud or other unlawful business practices.
The immediate catalyst for the lawsuit was a press release issued by the UK Financial Conduct Authority (FCA) on July 25, 2024. The FCA announced it had fined CB Payments Limited (CBPL) £3.503546 million for repeatedly violating rules prohibiting the provision of services to high-risk customers. This development caused Coinbase's stock to drop $13.54 on the day, a decline of 5.53%, closing at $231.52.
