NEW YORK, Aug. 31, 2022 /PRNewswire/ — The Samuel Law Firm announces that purchasers or acquirers of Coinbase Global, Inc. (NASDAQ: COIN) securities between April 14, 2021 and May 13, 2021, inclusive (the “Class Period”) have until October 28, 2022 to seek appointment as lead plaintiff in Alicandro v. Coinbase Global, Inc., No. 22-cv-6816 (S.D.N.Y.) The Coinbase class action lawsuit charges Coinbase and certain of its top executives, directors and early private investors with violations of the Securities Exchange Act of 1934 and the Securities Act of 1933.
If you suffered substantial losses and wish to serve as lead plaintiff, please provide your information here:
CASE ALLEGATIONS: The Coinbase class action lawsuit alleges that in advance of the April 2021 direct listing public offering of Coinbase common stock, defendants made false or misleading statements and failed to disclose that Coinbase insiders intended to sell Coinbase shares as early as April 14, 2021, the first day of public trading in Coinbase stock.
On multiple occasions between February 25, 2021, and April 14, 2021, Coinbase disclosed that “there can be no assurance that any registered stockholders or other existing stockholders will sell any of their shares of Class A common stock” and “there may initially be a lack of supply of, or demand for, shares of Class A common stock on the Nasdaq Global Select Market….”
Coinbase also repeatedly disclosed during that same period that “we have not consulted with registered stockholders or other existing stockholders regarding their desire or plans to sell shares in the public market following the listing….”
On April 14, 2021, the first day of public trading in Coinbase common stock, six officers or directors who personally signed those disclosures, along with three other Coinbase insiders sold in excess of seven million shares of Coinbase Class A common stock, including more than 1.3 million shares at the Market opening that day, collectively receiving more than $2.7 Billion in proceeds from such sales.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Coinbase securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Coinbase class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Coinbase class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Coinbase class action lawsuit.
ABOUT THE SAMUEL LAW FIRM: The Samuel Law Firm has substantial experience litigating hundreds of lawsuits, including collective and class action lawsuits, on behalf of plaintiffs in the state of New York, both in state and federal court. Senior counsel, Andrew Beresin, has expertise in securities fraud matters, as well as significant professional securities trading experience on Wall Street. Please visit the following page for more information about The Samuel Law Firm.
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SOURCE The Samuel Law Firm