Delaware allow say make di $2.9B insider-trading case against Coinbase exec dem continue

One Delaware Chancery judge no gree make dem dismiss one 2023 shareholder derivative lawsuit wey dey accuse Coinbase executives and board members for insider trading around di company direct listing wey happun for April 2021. Plaintiffs talk say insiders — including CEO Brian Armstrong (~$291.8M wey dem sell) and investor Marc Andreessen (~$118.7M wey dem sell through Andreessen Horowitz) — sell about $2.9 billion worth of Coinbase shares and avoid pass $1 billion loss when price later drop. Judge Kathaleen McCormick say Coinbase internal investigation fit be defence but she raise wahala about independence of one committee member wey join dat review, so di case go enter discovery. Coinbase and im directors deny say dem use confidential information. Di koko na whether di direct listing structure give insiders unfair chance to waka comot before di decline. For traders, di ruling keep civil claims alive and fit lead to long litigation and discovery wey fit show executive communications, timing reasons and governance issues — tins wey fit make regulators look more closely and cause short-term volatility for COIN shares.