NEW YORK, Nov. 03, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Coinbase Global, Inc. (NASDAQ: COIN) between April 14, 2021 and July 25, 2024, both dates inclusive (the “Class Period”), of the important November 12, 2024 lead plaintiff deadline in the securities class action first filed by the Firm.

A securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Coinbase Global, Inc. (NASDAQ: COIN) securities, against the Company, certain of its officers, and the underwriters of the Company’s April 2021 initial public offering, alleging violations of the Securities Act of 1933. If you suffered a loss on your Coinbase securities, you have until November 12, 2024 to apply to be appointed lead plaintiff.

According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) in 2020, the United Kingdom’s Financial Conduct Authority (“FCA”) had deemed efforts by Coinbase’s British unit, CB Payments Limited (“CBPL”), to prevent criminals from using its platform, to be inadequate; (2) as a result, the FCA reached an agreement with CBPL, which put requirements in place that were designed to prevent high risk customers from using CBPL’s platform; (3) CBPL then breached that agreement, which resulted in 13,416 high risk individuals receiving services; (4) the foregoing resulted in an undisclosed heightened regulatory risk; and (5) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.

The complaint alleges that the Offering Documents were materially false and misleading and omitted to state material facts necessary in order to make the statements not misleading because they failed to disclose, among other things, that:

Coinbase’s British unit, CB Payments Limited (“CBPL”), had not taken adequate steps to prevent criminals from using its platform, prompting the Financial Conduct Authority (“FCA”) to impose restrictions on CBPL in 2020. Specifically, the FCA required CBPL to take steps to prevent “high-risk” customers from using its platform. However, CBPL breached the agreement with the FCA, which resulted in 13,416 high-risk individuals receiving services from CBPL in violation of the agreement.

The foregoing caused Coinbase to face heightened regulatory risk, which was not disclosed to investors.

As a result, the Offering Documents’ statements about Coinbase’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, Coinbase investors suffered damages.

To join the Coinbase class action, go to https://rosenlegal.com/submit-form/?case_id=28116 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 12, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW? We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors.

In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) in 2020, the United Kingdom’s Financial Conduct Authority (“FCA”) had deemed efforts by Coinbase’s British unit, CB Payments Limited (“CBPL”), to prevent criminals from using its platform, to be inadequate; (2) as a result, the FCA reached an agreement with CBPL, which put requirements in place that were designed to prevent high risk customers from using CBPL’s platform; (3) CBPL then breached that

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