Coinbase and two executives are facing a new class action lawsuit alleging that the company's failure to disclose a data breach and an alleged violation of a UK regulatory settlement led to a steep stock drop.
Filed in a Pennsylvania federal court on May 22 by investor Brady Nessler, the lawsuit claims that shareholders suffered "significant losses" after Coinbase shares fell 7.2% on May 15 following disclosure of the leak.
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Shares later rebounded to close at $266 on May 16.
The leak, disclosed on May 15, involved customer service agents who leaked user data.
Coinbase estimated potential damages at $400 million after fending off a $20 million extortion attempt.