Coinbase insiders got $1 billion richer by not disclosing negative information, lawsuit claims
A shareholder lawsuit claims Coinbase management failed to disclose negative information about its business when it went public in 2021.
, on behalf of all shareholders, on May 1. It names famed investors Marc Andreessen and Fred Wilson as defendants, alongside Coinbase CEO Brian Armstrong and his top management team. It also details exactly how much money they all made selling stock. The main advantage of a direct listing, the suit claims, was that the shares being offered for sale to the public were pre-existing ones already owned by Coinbase executives and investors. Any stock sales would therefore directly benefit the executives and investors . In the event,
The company was also planning an additional private sale of $1.25 billion in new convertible notes after the direct listing that would dilute any existing shareholders.
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