Skip to Content

Coinbase Global, Inc.

Company NameCoinbase Global, Inc.
Stock SymbolCOIN
Lead Plaintiff Motion DeadlineSeptember 20, 2021

Coinbase is the largest cryptocurrency exchange in the U.S. 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.

The Registration Statement was materially false and misleading and omitted to state material adverse facts. Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Coinbase required a sizeable cash injection; (2) Coinbase’s platform was susceptible to service-level disruptions, which were increasingly likely to occur as the Company scaled its services to a larger user base; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

 

 

Submit Your Information

If you suffered a loss on your Coinbase Global, Inc. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

Shares Purchased

Number of SharesBuy DatePrice Per ShareAdd

Shares Sold

Number of SharesSell DatePrice Per ShareAdd