NEWTOWN, Pa., Sept. 16, 2024 /PRNewswire/ — Edelson Lechtzin LLP, a leading class action law firm, announces the filing of a securities fraud class action on behalf of all investors of Coinbase Global, Inc. (NASDAQ: COIN) between April 14, 2021, and July 25, 2024, inclusive (the “Class Period”). A copy of the Complaint can be found HERE.
Investors who purchased Coinbase stock during the Class Period may move the U.S. District Court for the Eastern District of Pennsylvania to appoint them as lead plaintiff, no later than November 12, 2024. Please contact Edelson Lechtzin LLP to discuss your investment losses at 844-696-7492, or by e-mail at [email protected]. You can also submit your trading information online HERE.
Background on Coinbase Global, Inc.
Coinbase Global, Inc. is an American company that operates a cryptocurrency exchange platform for buying, selling, transferring, and storing cryptocurrency.
The Securities Fraud Claims
Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects including that: (i) in 2020, after investigation, the United Kingdom’s Financial Conduct Authority (“FCA”) had deemed inadequate the efforts by the Company’s British unit, CB Payments Limited (“CBPL”), to prevent criminals from using its platform; (ii) as a result, the FCA reached an agreement with the CBPL, which put requirements in place that were designed to prevent high-risk customers from using CBPL’s platform; (iii) CBPL then breached that agreement, which resulted in 13,416 high-risk individuals receiving services; and (iv) as a result of the foregoing the Company had an undisclosed heightened regulatory risk.
On July 25, 2024, the FCA issued a press release titled “FCA Takes First Enforcement Action Against Firm Enabling Crypto Asset Trading.” The press release announced a £3,503,546 fine imposed on CBPL for persistent breaches of regulations prohibiting the firm from serving high-risk customers. On this news, the price of Coinbase common stock fell $13.52 per share, or 5.52%, to close at $231.52 on July 25, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
SOURCE Edelson Lechtzin LLP
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