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
elechtzin@edelson-law.com. 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: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
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.
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SOURCE Edelson Lechtzin LLP