This lawsuit is for anyone who acquired securities in Coinbase Global, Inc. (NASDAQ: COIN) from April 11, 2021 through July 22, 2021.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, in the Prospectus to the Company's direct offering, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that it had in place technology sufficient to expand its business when, in fact, the Company lacked such technology and would need to obtain more funds to build the necessary infrastructure.
On May 17, 2021, Coinbase announced a $1.25 billion convertible bond sale. Forbes.com noted that “[i]investors 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, the Company's share price fell precipitously on unusually heavy trading volume. Then, on May 19, 2021, Coinbase announced technical problems, including “delays…due to network congestion” affecting those who wanted to withdraw their money. As a result, the stock price again dropped precipitously on unusually heavy trading volume and, at the time of this lawsuit, trades at a lower price than it did at the time of the Company's IPO.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Coinbase Global, Inc. (NASDAQ: COIN) from April 11, 2021 through July 22, 2021 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.