| 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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