Following a recent drop in its share price, cryptocurrency exchange Coinbase is facing another class action lawsuit from shareholders, alleging that it failed to promptly disclose a user data leak earlier this month.
In a class action lawsuit filed Thursday in the U.S. District Court for the Eastern District of Pennsylvania, investor Brady Nessler said Coinbase shareholders who purchased shares between April 14, 2021, and May 14, 2025, suffered significant losses.
Coinbase CEO Brian Armstrong and CFO Alesia Haas are also defendants in the case.
The lawsuit also lays out a long list of alleged failures by the company over the past few years, including that Coinbase failed to properly disclose how its U.K. subsidiary CB Payments breached a 2020 agreement with the country’s Financial Conduct Authority.
When Coinbase disclosed on May 15, 2025 that its December user data breach was the result of cybercriminals bribing its employees, the platform’s stock price fell 7,2% to $244.
Coinbase estimates that the costs of dealing with the incident and compensating customers could range from $180 million to $400 million.
On May 23, Coinbase’s stock price rose to $263,16, according to Google Finance.
