Coinbase Trims Investor Suit, Loses Direct Listing Appeal Bid

Coinbase Global Inc. convinced a federal judge Tuesday to cut down some shareholder allegations in a proposed class action alleging investors were misled about the risk of regulatory action against the cryptocurrency platform for operating an unregistered securities exchange.

But the crypto giant won’t get a speedy review of whether claims tied to its 2021 direct listing paperwork should be tossed. That’s following a ruling in an investor suit concerning Slack Technologies LLC, which made it harder to bring such lawsuits.

Judge Brian R. Martinotti here granted Coinbase and its executives’ request for judgment on the pleadings to dismiss ...