Coinbase Global, Inc. Investors: Please contact the Portnoy Law Firm to recover your losses. November 12, 2024 Deadline to file Lead Plaintiff Motion

LOS ANGELES, Oct. 08, 2024 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Coinbase Global, Inc. (“Five Below” or the “Company”) (NASDAQ:COIN) investors of a class action representing investors that bought securities between April 14, 2021 and July 25, 2024, inclusive (the “Class Period”). Five Below investors have until November 12, 2024 to file a lead plaintiff motion.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

On July 25, 2024, Reuters reported on a piece titled “Coinbase UK Unit Fined for Violating Financial Crime Regulations.” The article noted that Coinbase’s UK subsidiary, CB Payments Limited (CBPL), faced fines for failing to comply with a regulatory agreement aimed at strengthening its defenses against financial crime. Allegedly, CBPL provided services to 13,416 high-risk customers, contrary to a commitment made after an evaluation by the UK’s Financial Conduct Authority (FCA). Funds deposited by these high-risk clients were reportedly used to facilitate multiple crypto transactions through other Coinbase entities, amounting to approximately $226 million. Following this news, Coinbase’s stock price dropped by $13.52, falling from $245.04 on July 24, 2024, to close at $231.52 on July 25, 2024.

The lawsuit claims that Coinbase made misleading statements and/or failed to disclose critical information, including: (1) In 2020, the FCA had determined that CBPL’s efforts to prevent criminal activity on its platform were inadequate; (2) this led to an agreement with CBPL that imposed requirements to prevent high-risk customers from accessing its services; (3) CBPL subsequently violated this agreement, allowing 13,416 high-risk individuals to use its platform; and (4) as a result, the company faced undisclosed increased regulatory risks.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
[email protected]
310-692-8883
www.portnoylaw.com

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