NEW YORK, Oct. 12, 2021 /PRNewswire/ -- Silver Golub & Teitell LLP has filed a federal securities class action in the Southern District of New York on behalf of its clients and all similarly situated who purchased, sold, or otherwise transacted in digital assets on the Coinbase or Coinbase Pro digital asset trading platforms (the "Coinbase Digital Asset Platforms") that qualify as investment contracts, and thus securities ("Digital Asset Securities") under federal law from October 8, 2018 to date (the "Class Period").
Founded in 2012, Coinbase Global, Inc. operates the Coinbase Digital Asset Platforms which allow users to transact with each other to buy, sell, and exchange digital assets for money and other digital assets. The Complaint alleges that throughout the Class Period, the Coinbase Digital Asset Platforms listed and offered for trading a number of Digital Asset Securities whose characteristics meet the definition of an investment contract, and are therefore securities under federal law. Despite this, the Complaint alleges, Coinbase Global, Inc. did not register as a national securities exchange or a broker-dealer with the U.S. Securities and Exchange Commission in violation of Sections 5 and 15(a)(1) of the Securities of Exchange Act of 1934 (the "Exchange Act").
Plaintiffs, on behalf of themselves and the class and pursuant to Section 29(b) of the Exchange Act, seek refunds of the fees paid and damages suffered by Coinbase Digital Asset Platform users in connection with the Digital Asset Securities transactions they entered into on the Coinbase Digital Asset Platforms.
If you wish to serve as lead Plaintiff for the Class, you must file a motion with the Court no later than December 13, 2021. Any member of the proposed Class may move to serve as the Lead Plaintiff through counsel of their choice.
If you transacted in Digital Asset Securities on the Coinbase Digital Asset Platforms during the Class Period as defined above, you may obtain additional information about this lawsuit and your ability to become a Lead Plaintiff, by contacting Ian W. Sloss at [email protected] or Steven L. Bloch at [email protected] or by calling (203) 325-4491. The class action is titled Underwood, et al. v. Coinbase Global, Inc., No. 1:21-cv-08353 (S.D.N.Y.).
SOURCE Silver Golub & Teitell LLP