SAN DIEGO, August 5, 2022 /PRNewswire/ — The law firm of Robbins Geller-Rudman & Dowd LLP announces that buyers or acquirers of Coinbase Global, Inc. (NASDAQ: COIN) securities between April 14, 2021 Y July 26, 2022inclusive (the “Class Period”) have up to October 3, 2022 apply for appointment as lead plaintiff in the base of coins collective lawsuit. Subtitled Patel v. Coinbase Global, Inc.No. 22-cv-04915 (DNJ), the base of coins The class action lawsuit accuses Coinbase and some of its top executive officers of violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to act as a lead plaintiff, please provide your information here:
You can also contact attorney JC Sanchez Robbins Geller by calling 800/449-4900 or by email at [email protected].
ALLEGATIONS OF THE CASE: The base of coins The class action lawsuit alleges that, during the Class Period, the defendants made false and misleading statements and failed to disclose that: (i) Coinbase held crypto assets on behalf of its customers, whose assets Coinbase knew or recklessly ignored might qualify as owned by a bankruptcy status, making those assets potentially subject to bankruptcy proceedings in which Coinbase customers would be treated as general unsecured creditors of Coinbase; (ii) Coinbase allowed Americans to trade digital assets that Coinbase recklessly knew or did not know should have been registered as securities with the US Securities and Exchange Commission (“SEC”); and (iii) the foregoing conduct subjected Coinbase to increased risk of regulatory and government scrutiny and enforcement action.
In May 10, 2022, Coinbase revealed that: “Because crypto assets in escrow may be considered the property of a bankrupt estate, in the event of bankruptcy, the crypto assets we hold in escrow on behalf of our clients could be subject to bankruptcy proceedings and such clients could be treated like our general unsecured creditors. Following this disclosure, the price of Coinbase Class A common stock fell by more than 26%.
So in July 25, 2022, Bloomberg reported that Coinbase is facing an SEC investigation into whether it allowed Americans to improperly trade digital assets that should have been registered as securities. With this news, the price of Coinbase Class A common shares fell an additional 21%, further hurting investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased or acquired securities from Coinbase during the Class Period to apply for appointment as lead plaintiff. A lead plaintiff is generally the plaintiff with the greatest financial interest in the relief sought by the putative class that is also typical and proper of the putative class. A lead plaintiff acts on behalf of all other class members by directing the base of coins collective lawsuit. The lead plaintiff may select a law firm of her choice to litigate the base of coins collective lawsuit. An investor’s ability to participate in any potential future recovery is not dependent on him acting as the principal claimant in the base of coins collective lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked No. 1 in the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone, more than triple the amount recovered by any other plaintiff firm. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the firm’s attorneys have obtained many of the largest securities class action recoveries in history, including securities class action recovery largest in history $7.2 billion – in In re Enron Corp. Sec. Litigation Please visit the following page for more information:
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Robbins Geller-Rudman & Dowd LLP
655 West Broadway, Suite 1900, San DiegoCA 92101
JC Sanchez, 800-449-4900
SOURCE Robbins Geller Rudman & Dowd LLP