Radnor, Pennsylvania, July 30, 2021 / PRNewswire / -Kessler Topaz Meltzer & Check, LLP law firm announces that a securities fraud class action has been filed against Coinbase Global Inc. (NASDAQ: COIN) (“Coinbase”) on behalf of the person who bought or acquired it. Did.Coinbase Class A common stock that can be tracked and / or compliant with registration notifications and prospectuses (collectively, “offering materials”) for resale of up to 114,850,769 Class A common stock. As a result, Coinbase has begun trading as a public company in or around the listing. April 14, 2021 (“Offering”)..
According to complaints, Coinbase has “strengthened the crypto economy” and has approximately 43 million retail users, 7,000 institutions and 115,000 in more than 100 countries with Bitcoin and other digital assets built using blockchain technology. Provides a “trusted platform” for sending and receiving to and from our ecosystem partners.
on April 14, 2021, Coinbase has submitted a prospectus on Form 424B4, which forms part of the registration statement. Coinbase has registered for resale of up to 114,850,769 Class A common stock by registered shareholders. According to the registration statement, the resale of Coinbase shares is not undertaken by any investment bank and registered shareholders choose whether to sell their shares. Such a sale is an intermediary transaction on NASDAQ, if any, and Coinbase is not expected to receive revenue from the sale of Class A common stock by registered shareholders. Therefore, Coinbase’s business will continue to be funded by cash flow from operating activities and net income from the sale of convertible preferred stock.Current December 31, 2020, Coinbase had cash and cash equivalents $ 1.1 billionExcludes limited cash and customer custody funds.
The complaint alleges that a month later, Coinbase’s high-flying promise screamed and stopped as Coinbase acknowledged the need for funding and revealed performance issues that hindered users’ ability to trade cryptocurrencies. doing.on May 17, 2021, Coinbase announced plans to raise about $ 1.25 billion Through the sale of convertible bonds. next, May 19, 2021, Coinbase has uncovered technical issues such as “delays due to network congestion …” affecting those who want to spend money.
In response to this news, Coinbase’s stock price fell $ 23.44 Nearly 10% per share, in two consecutive trading sessions $ 224.80 Per share May 19, 2021. By the time the complaint was filed, Coinbase shares had been traded at a minimum. $ 208.00 Per share April 14, 2021 Opening price of $ 381.00 Per share.
The complaint alleges that the offering material was false and misleading and omitted the following statement at the time of the offering: (1) Coinbase required a considerable amount of cash injection. (2) Coinbase’s platform is susceptible to service level interruptions, and as Coinbase expands its services to a larger user base, service level interruptions are more likely to occur. (3) As a result of the above, Defendant’s positive statement regarding Coinbase’s business, operations and outlook was substantially misleading and / or lacked reasonable grounds.
Coinbase Investors At the latest September 20, 2021We request that you be appointed as the Class’s Chief Plaintiff Representative through, Kessler Topaz Meltzer & Check, LLP, or any other attorney. Alternatively, you can leave the class members absent without doing anything. The plaintiff chief is the representative party acting on behalf of all class members in conducting the proceedings. To be appointed as Chief Plaintiff, the court must determine that the claims of a class member are typical of the claims of other class members and that the class members properly represent the class. The ability to share recovery is unaffected by the decision to act as the main plaintiff.
Kessler Topaz Meltzer & Check, LLP, will prosecute class action proceedings in state and federal courts nationwide, including securities fraud, fiduciary duty breach, and other breach of state and federal law. Kessler Topaz Meltzer & Check, LLP, is the driving force behind corporate governance reform and has recovered billions of dollars on behalf of institutional and individual investors. United States of America And all over the world. The company represents investors, consumers and whistleblowers (private sector who report fraud against the government and share the government’s dollar recovery). The complaints in this proceeding were not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit: www.ktmc.com..
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Coinclass Action Alerts: Kessler Topaz Meltzer & Check, LLP Coinbase Global Inc.Announcement of class action proceedings against securities fraud | State
Source link Coinclass Action Alerts: Kessler Topaz Meltzer & Check, LLP Coinbase Global Inc.Announcement of class action proceedings against securities fraud | State