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Lawsuit Against Coinbase Direct Listing May Not Be Class Action as PSLRA Deadline Missed

By Matthew Russell Lee, Patreon Maxwell book

SDNY COURTHOUSE, Jan 13 – In the Southern District, there is crypto litigation large and small. Citing Coinbase's April 2021 direct offering,  Manny Alicandro through Andrew Beresin of The Samuel Law Firm filed a lawsuit on August 10, 2023.

On January 13, 2023 U.S. District Court for the Southern District of New York Judge Gregory H. Woods held a proceeding. Inner City Press covered it. 

  Things do not appear to be going well for Alicandro. Judge Woods, following Coinbase as represented by Latham & Watkins, asked why the timeline of the PSLRA to file a motion to be class counsel had not been complied with. 

 There was no good answer. Judge Woods said he is not one to predict how he'll rule on a motion, but encouraged the parties to confer; it seems it may go forward as a single-plaintiff case. 

 But how much did Alicandro lose?

The Complaint says he "purchased or otherwise acquired Coinbase securities." It says that "the total claims of the individual members of the Class in this action are in excess of $5 million." But if it is not a class? 

 The case is Alicandro v. Coinbase Global, Inc. et al., 22-cv-6816 (Woods)


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