US judge rules that shareholder lawsuit against Coinbase directors for alleged insider trading can continue

A Delaware judge has ruled that the shareholder lawsuit against multiple directors of Coinbase Global Inc., including venture capitalist Marc Andreessen, for alleged insider trading can continue. A previous internal investigation has ruled out the defendant's misconduct. The lawsuit was filed by a shareholder of Coinbase in 2023, accusing directors including CEO Brian Armstrong of using confidential information to sell stocks during the company's 2021 IPO, involving an amount exceeding $2.9 billion, thus avoiding losses of over $1 billion. The lawsuit shows that Brian Armstrong sold stocks worth $291.8 million.