NEW YORK, Aug. 4, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Coinbase Global, Inc. ("Coinbase" or the "Company") (NASDAQ: COIN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Coinbase and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 17, 2021, Coinbase announced a $1.25 billion convertible bond sale. Forbes.com noted that "[i]nvestors 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, Coinbase's stock price fell $9.24 per share, or 3.7%, to close at $239.00 per share on May 18, 2021. Then, on May 19, 2021, Coinbase announced technical problems, including "delays . . .due to network congestion" affecting users who wished to withdraw their money.
On this news, Coinbase's stock price fell $14.20 per share, or 6%, to close at $224.80 per share on May 19, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.