Coinbase Global, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
It is alleged in this complaint that the registration statement and prospectus that was used to effectuate Coinbase’s Offering were misleading and false and omitted to state that, at the time of the Offering: (1) Coinbase required a sizeable cash injection; (2) Coinbase’s was susceptible to service-level disruptions, which were increasingly likely to occur, as Coinbase scaled its services to a larger user base; and (3) the positive statements about the Coinbase’s business, operations, and prospects lacked a reasonable basis and/or were materially misleading.
Coinbase undermined its representations in the Offering Materials released on May 17, 2021, that Coinbase’s existing cash and cash equivalents were sufficient, by announcing plans to raise capital in the form of a convertible bond sale. Coinbase revealed, on May 19, 2021, technical problems experienced by users on its platform, including “delays…due to network congestion” effecting “those who want to get their money out.”
On May 19, 2021, the price of Coinbase shares fell $23.44 per share, nearly 10% over two consecutive trading sessions, on this news, to close at $224.80 per share, thereby injuring investors.
