SAN DIEGO, August 5, 2022 /PRNewswire/ — The law firm of Robbins Geller Rudmann & Dowd LLP announces that purchasers or acquirers of Coinbase Global, Inc. (NASDAQ: COIN) securities enter April 14, 2021 and July 26, 2022inclusive (the “Class Period”) have until October 3, 2022 to seek appointment as lead applicant in the Coinbase class action. Subtitle Patel v Coinbase Global, Inc.no. 22-cv-04915 (DNJ), the Coinbase The class action accuses Coinbase and some of its top executives of violating the Securities Exchange Act of 1934.
If you have suffered significant losses and wish to act as lead plaintiff, please provide your information here:
You can also contact the lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected].
CASE ALLEGATIONS: The Coinbase The Class Action alleges that, throughout the Class Period, the Defendants made false and misleading statements and failed to disclose that: (i) Coinbase held crypto assets in custody on behalf of its customers, including Coinbase knew or recklessly ignored that they could be considered the property of a bankruptcy, making these 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 knew or carelessly ignored should have been registered as securities with the United States Securities and Exchange Commission (“SEC”); and (iii) the foregoing conduct has subjected Coinbase to increased risk of regulatory and governmental scrutiny and enforcement action.
On May 10, 2022Coinbase revealed that: “Because crypto assets held in custody can be considered the property of a bankrupt estate, in the event of bankruptcy, the crypto assets we hold in custody on behalf of our clients could subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors.” Following this disclosure, the price of Coinbase Class A common stock fell more than 26%.
Then, on July 25, 2022, Bloomberg reported that Coinbase was facing an SEC investigation into whether it improperly let Americans trade digital assets that should have been registered as securities. Following this news, the price of Coinbase’s Class A common shares fell another 21%, further hurting investors.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased or acquired Coinbase securities during the Class Period to seek appointment as lead plaintiff. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Coinbase class action. The main plaintiff can select a law firm of his choice to plead Coinbase class action. An investor’s ability to participate in any potential future upturn does not depend on its status as the lead claimant of the Coinbase class action.
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 #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 company from the plaintiffs. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiffs firms in the world and the firm’s attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit the following page for more information:
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Robbins Geller Rudmann & Dowd LLP
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JC Sanchez, 800-449-4900
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