Jul 29, 2021 11:08 AM ET
Legal Newswire POWERED BY LAW.COM
Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Coinbase Global Inc. from April 11, 2021 through July 22, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Act of 1933.
If you purchased Coinbase securities, and/or would like to discuss your legal rights and options please visit Coinbase Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
The complaint alleges that the registration statement and prospectus used to effectuate the Company’s Offering were false and misleading and omitted to state that, at the time of the Offering: (1) Coinbase required a sizeable cash injection; (2) Coinbase’s platform was susceptible to service-level disruptions, which were increasingly likely to occur as the Company scaled its services to a larger user base; and (3) as a result of the foregoing, the positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On May 17, 2021, Coinbase undermined its representations in the Offering Materials that the Company’s existing cash and cash equivalents were sufficient by announcing plans to raise capital via a convertible bond sale. On May 19, 2021, Coinbase revealed technical problems experienced by users on its platform, including “delays…due to network congestion” effecting “those who want to get their money out.”
On this news, the price of Coinbase shares fell $23.44 per share, nearly 10% over two consecutive trading sessions, to close at $224.80 per share on May 19, 2021, thereby injuring investors.
If you wish to serve as lead plaintiff, you must move the Court no later than September 20, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Coinbase securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/coinbaseglobalinc-coin-shareholder-class-action-lawsuit-fraud-stock-419/apply/ or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
Bernstein Liebhard LLP
Bernstein Liebhard LLP
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