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
