WeissLaw LLP, a nationally acclaimed investor rights law firm, reminds investors that on August 10, 2021, the firm commenced a class action lawsuit against Coinbase Global Inc. ("Coinbase" or the "Company") (NASDAQ: COIN) and certain of its senior officers, directors and affiliated entities on behalf of investors who purchased or acquired Coinbase common stock pursuant and /or traceable to the Company's April 14, 2021 initial public offering (the “IPO”). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Act of 1933. The deadline to serve as lead plaintiff is September 20, 2021.
The complaint alleges that theregistration statement and prospectus used to effectuate the Company's IPO werefalse and misleading and omitted to state that, at the time of the offering:(1) Coinbase required a sizeable cash injection; (2) Coinbase's platform wassusceptible to service-level disruptions, which were increasingly likely tooccur as the Company scaled its services to a larger user base; and (3) as aresult of the foregoing, the positive statements about the Company's business,operations, and prospects were materially misleading and/or lacked a reasonablebasis.
On May 17, 2021, Coinbaseundermined its representations in the registration and prospectus that theCompany's existing cash and cash equivalents were sufficient by announcingplans to raise capital via a convertible bond sale. On May 19, 2021, Coinbaserevealed technical problems experienced by users on its platform, including"delays…due to network congestion" effecting "those who want toget 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 seek appointment with 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. If you choose to take no action, you may remain an absent class member eligible to share in any recovery.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org
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