Coinbase Lawsuit Highlights Data Breach Impact: Share Prices Plummet

A new class-action lawsuit against Coinbase alleges the crypto exchange failed to adequately disclose a data breach and regulatory violation, leading to stock price drops. Investor Brady Nessler’s complaint claims these omissions caused shareholder losses, with the stock falling more than 7% after the data breach was disclosed on May 15th. The lawsuit also focuses on a £4.5 million fine from the UK’s FCA for Coinbase’s violation of an agreement restricting high-risk clients in 2020.