Coinbase’s top executives made themselves richer by $1.09 billion by failing to disclose negative information about the company prior to listing its shares in April 2021, according to a lawsuit filed in a Delaware state court.
The suit details the Coinbase board’s confidential plan to go public, internally nicknamed “Project Fall Fruits”. It alleges that management and major investors sold significant portions of their stock while withholding information that could have impacted the share price during the direct listing process.