The given statement is True.
Coral reefs are considered to be one of the oldest ecosystem found on Earth dating back to late Cambrain period.
Corals were destroyed during the formation of Pangea and reappeared 410 million years ago. They also got extinct during the Mesozoic Era but reappeared 65 million years ago.
They had a hand in the development and evolution of numerous species that is found in the marine environment.