LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Coinbase Global, Inc. (“Coinbase” or the “Company”) (NASDAQ: COIN) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Coinbase investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/coinbase-global-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
Coinbase is the largest cryptocurrency exchange in the U.S. In April 2021, Coinbase became a public company after registered the resale of nearly 114.8 million shares of its Class A common stock by registered shareholders. The offering materials stated that Coinbase is “powered by a robust backend technology system” and that it had “grown quickly and in a capital-efficient manner since [its] founding.”
On May 17, 2021, Coinbase announced a $1.25 billion convertible bond sale. Forbes.com noted that “[i]nvestors were also likely surprised by the timing of the issue, considering that Coinbase just went public in mid-April via a direct listing (which doesn’t involve issuing new shares or raising capital), signaling that it didn’t require cash.”
On this news, Coinbase’s stock fell $9.24, or 3.7%, to close at $239.00 per share on May 18, 2021, thereby injuring investors.
Then, on May 19, 2021, Coinbase announced technical problems, including “delays…due to network congestion” affecting those who wanted to withdraw their money.
On this news, Coinbase’s stock price fell $14.20, or 6%, to close at $224.80 per share on May 19, 2021, thereby injuring investors further.
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Whistleblower Notice: Persons with non-public information regarding Coinbase should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.
About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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