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: lesley@portnoylaw.com, 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.
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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
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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