A recently filed class action lawsuit targets cryptocurrency exchange Coinbase, alleging that the company and its senior leadership, including CEO Brian Armstrong and CFO Alesia Haas, delayed disclosing a significant data breach tied to insider misconduct while omitting crucial details regarding severe regulatory violations in the company’s UK operations.

The lawsuit claims that Coinbase's lack of transparency surrounding these incidents resulted in substantial financial losses for shareholders and seeks compensation for the damages incurred. Investor Brady Nessler initiated the lawsuit in the US District Court for the Eastern District of Pennsylvania, representing shareholders who acquired Coinbase stock (COIN) between April 14, 2021, and May 14, 2025.

According to the complaint, Coinbase withheld vital information concerning a data breach. BeInCrypto previously reported that Coinbase was subjected to a $20 million extortion attempt by cybercriminals who had stolen confidential customer data, such as names, addresses, and identification details. These criminals allegedly bribed overseas support agents to obtain this data.

However, the company maintained that the breach affected less than 1% of its monthly active users. Court documents indicate that the breach, which was detected months prior, remained undisclosed until May 15, 2025, following the extortion attempt. This revelation caused COIN to plummet by 7.2%, closing at $244 on the same day.

Additionally, the lawsuit draws attention to another event that adversely affected stock prices. On July 25, 2024, the United Kingdom’s Financial Conduct Authority (FCA) publicly penalized Coinbase’s UK subsidiary, CB Payments Ltd. (CBPL), with a £3.5 million (£4.5 million) fine for violating a 2020 regulatory agreement that forbade onboarding high-risk clients.

The FCA disclosed that CBPL had permitted 13,416 high-risk users to utilize its services, facilitating approximately $226 million in crypto transactions despite explicit restrictions. The lawsuit contends that Coinbase’s failure to disclose these regulatory issues further deceived investors regarding the company’s operational integrity.

The plaintiff is now petitioning for class certification and is pursuing monetary damages, reimbursement of legal costs, and a jury trial. Coinbase has not yet made a public statement regarding the Nessler lawsuit.

Meanwhile, COIN managed to regain some ground from its May 15 lows. Nevertheless, according to Yahoo Finance data, on May 23, Coinbase’s stock depreciated by 3.23% upon market closure. This equates to a decrease of $8.79, reducing the stock price to $263.1.

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