Coinbase faces another data breach lawsuit claiming stock drop damages
Coinbase and two executives face a proposed class-action lawsuit due to a stock price drop linked to a user data breach and alleged non-disclosure of a violation with the UK’s Financial Conduct Authority (FCA). Investor Brady Nessler claims the breach and FCA violation led to significant losses for shareholders, with Coinbase's stock falling 7.2% on May 15 after the breach announcement. The stock later rebounded but closed down over 3% on May 23. The lawsuit is among at least six filed after the breach disclosure, accusing Coinbase of mishandling the incident. The FCA fined Coinbase’s UK arm $4.5 million for onboarding high-risk customers, which Nessler argues was not disclosed during Coinbase's Nasdaq listing in April 2021, leading to artificially inflated stock prices. The class suit seeks damages for anyone who purchased Coinbase stock between April 14, 2021, and May 14, 2025.
