Pomerantz LLP Announces a Class Action Lawsuit Has Been Filed Against Coinbase Global, Inc. (NASDAQ: COIN) and Encourages Investors to Contact the Firm
- Susan SarandonOriginal
- 2024-11-03 04:10:11440browse
NEW YORK, Nov. 2, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Coinbase Global, Inc. ("Coinbase" or the "Company") (NASDAQ: COIN).
NEW YORK, Nov. 2, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Coinbase Global, Inc. ("Coinbase" or the "Company") (NASDAQ: COIN). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Coinbase and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until November 12, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Coinbase securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
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Pomerantz LLP announces that a class action lawsuit has been filed against Coinbase Global, Inc. ("Coinbase" or the "Company") (NASDAQ: COIN) and certain of its officers and/or directors. The class action, filed in United States District Court for the Southern District of New York, alleges that the defendants violated the Securities Exchange Act of 1934.
On July 25, 2024, the Financial Conduct Authority (the "FCA"), the United Kingdom's financial regulator, published a press release entitled "FCA takes first enforcement action against firm enabling crypto asset trading." The FCA's press release stated that "CB Payments Limited (CBPL) has been fined £3,503,546 by the Financial Conduct Authority (FCA) for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers."
On this news, Coinbase's stock price fell $13.54 per share, or 5.53%, to close at $231.52 per share on July 25, 2024.
The Complaint alleges that throughout the Class Period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the defendants failed to disclose that:
(1) Coinbase was enabling CB Payments Limited to offer services to high-risk customers in breach of a restriction imposed by the FCA;
(2) Coinbase was facing imminent and substantial regulatory action by the FCA; and
(3) As a result of the foregoing, Coinbase's revenues and earnings were materially overstated, and its true financial condition was materially misstated at all relevant times.
The Complaint further alleges that on July 25, 2024, the truth regarding the defendants' misconduct began to emerge when the FCA announced that it had fined CB Payments Limited £3,503,546 for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers. The FCA stated that it had found that CB Payments Limited breached the condition on at least 1,133 occasions between December 2020 and August 2022, and that the breaches related to customers who were classified as high-risk due to factors including having limited experience in crypto assets and applying for high levels of leverage.
This press release may be considered Attorney Advertising in certain jurisdictions under the applicable law and ethical rules.
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