NEW
YORK, June 12, 2023 /PRNewswire/ -- Hach
Rose Schirripa & Cheverie, LLP has commenced an investigation
into possible breaches of fiduciary duty and other violations of
law by certain officers and directors at Coinbase
Global, Inc. (NQGS: COIN) ("Coinbase" or the
"Company"). Coinbase is a provider of end-to-end
financial infrastructure and technology for
cryptocurrency assets. The Company offers
financial accounts for cryptocurrencies to consumers,
a marketplace for cryptocurrency transactions for
institutions, and technology and services for developers to build
crypto-based applications.
Coinbase, Inc. was founded in 2012, and in
April 2014, became a wholly-owned
subsidiary of Coinbase Global, Inc. in connection with
a corporate reorganization.
Hach Rose Schirripa &
Cheverie LLP's investigation is focused on whether
Coinbase's operation of its Coinbase
Platform caused the Company to carry out an unlawful business plan
in violation of positive law. Specifically, the investigation
focuses on whether Coinbase acted as an unregistered
broker, by providing certain services to customers and making
certain cryptocurrency assets available for customers
to buy; an unregistered exchange, by providing a marketplace that
brought together buyers and sellers of cryptocurrency
assets and executing orders; and an unregistered clearing agency,
by holding customers' assets in Coinbase-controlled
wallets and settling customers' transactions.
On June 6, 2023, the Securities
and Exchange Commission filed a complaint against
Coinbase in the Southern District of New York, alleging violations of the federal
securities laws for, among other things, operating an exchange
without registering as a national securities exchange and without
being exempt from such registration, in violation of Section 5 of
the Securities Exchange Act of 1934 (the "Exchange Act"); and
acting as a broker by inducing or attempting to induce the purchase
or sale of securities, without registering as a broker and without
being exempt from such registration, in violation of Section 15(a)
of the Exchange Act.
Hach Rose Schirripa &
Cheverie, LLP specializes in the fields of securities, corporate
governance and consumer protection litigation. The firms' attorneys
have successfully litigated complex class actions in both state and
federal courts through the United
States and are committed to protecting investors' assets and
victims of corporate wrongdoing.
If you are a current shareholder of Coinbase common
stock, plan to continue to hold your shares, and would like more
information about your rights as a shareholder, please contact
attorney Scott R. Jacobsen at (212)
213-8311 or by email at sjacobsen@hrsclaw.com.
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SOURCE Hach Rose Schirripa &
Cheverie LLP