Coinbase Global, Inc. (COIN) Investors with Substantial Losses Have Opportunity to Lead the Securities Fraud Class Action Lawsuit
- Barbara StreisandOriginal
- 2024-10-30 06:48:21891browse
The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Coinbase Global, Inc. ("Coinbase" or the "Company") (NASDAQ: COIN).
Investors who suffered substantial losses are encouraged to contact The Law Offices of Frank R. Cruz to discuss their legal rights and lead the securities fraud class action lawsuit against Coinbase Global, Inc.
(“Coinbase” or the “Company”) (NASDAQ: COIN).
Coinbase, headquartered in San Francisco, California, operates a cryptocurrency exchange platform that facilitates the trading of various digital assets, including Bitcoin, Ethereum, and Dogecoin. The Company went public in April 2024 via a direct listing, with its shares commencing trading on the Nasdaq Stock Market on April 14, 2024.
The complaint alleges that, throughout the Class Period, Coinbase and its executives failed to disclose to investors that the Financial Conduct Authority (“FCA”) had deemed efforts by Coinbase Payments Limited (“CBPL”), a U.K. entity that provides payment services to crypto firms, to prevent criminals from using its platform, to be inadequate and reached an agreement with CBPL, which put requirements in place that were designed to stop high risk customers from using CBPL's platform. However, CBPL breached that agreement, which resulted in 13,416 high risk individuals receiving services.
The foregoing resulted in an undisclosed heightened regulatory risk, which ultimately culminated in the FCA’s decision to fine CBPL a record £17 million for “failing to take reasonable care to organize and control its affairs responsibly and adequate steps to counter the risk of being used to launder money and other illicit finance.”
If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com.
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