Coinbase Insiders Avoided $1 Billion in Stock Losses, Suit Says
From bnnbloomberg.ca
Coinbase Inc. Chairman and Chief Executive Officer Brian Armstrong, board member Marc Andreessen and other officers avoided more than $1 billion in losses by using inside information to sell stock within days of the cryptocurrency platform’s public listing two years ago, according to a lawsuit filed by an investor. The company’s board deployed a so-called direct listing instead of a more typical initial public offering and rapidly sold off $2.9 billion in stock before Coinbase management later revealed “material, negative information that destroyed market optimism from the company’s first quarterly earnings release ...
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