The Law Offices of Timothy L. Miles Launches Investigation of the Board of Directors of Coinbase Global, Inc.
The Coinbase class action lawsuit seeks to represent purchasers or acquirers of Coinbase Global, Inc. (NASDAQ: COIN) securities between April 14, 2021 and July 26, 2022, inclusive (the “Class Period”). The Coinbase class action lawsuit – captioned Patel v. Coinbase Global, Inc., No. 22-cv-04915 (D.N.J.) – charges Coinbase and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
Allegations in the Coinbase Class Action Lawsuit
The Coinbase class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Coinbase custodially held crypto assets on behalf of its customers, which assets Coinbase knew or recklessly disregarded could qualify as the property of a bankruptcy estate, making those assets potentially subject to bankruptcy proceedings in which Coinbase’s customers would be treated as Coinbase’s general unsecured creditors; (ii) Coinbase allowed Americans to trade digital assets that Coinbase knew or recklessly disregarded should have been registered as securities with the U.S. Securities and Exchange Commission (“SEC”); and (iii) the foregoing conduct subjected Coinbase to a heightened risk of regulatory and governmental scrutiny and enforcement action.
On May 10, 2022, Coinbase disclosed that: “Because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors.” Following this disclosure, the price of Coinbase Class A common stock fell by more than 26%.
Then, on July 25, 2022, Bloomberg reported that Coinbase is facing an SEC probe into whether it improperly let Americans trade digital assets that should have been registered as securities. On this news, the price of Coinbase Class A common stock fell by an additional 21%, further damaging investors who suffered losses in Coinbase stock.
Investigation of the Coinbase Board
The investigation of the Coinbase board focuses on whether the board of directors of Coinbase have breached their fiduciary duties to the company in light of the serious allegations raised in the Coinbase class action lawsuit filed against the Company. The firm urges long-term stockholders of Coinbase to call an Coinbase Stock Loss Lawyer Timothy L. Miles today or simply submit the form at the bottom of the link if you have questions about the investigation of the Coinbase Board.
Long-Term Stockholders Urged to Contact Coinbase Stock Loss Lawyer Timothy L. Miles
If you are a long-term stockholder of Coinbase, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Coinbase Stock Loss Lawyer, Timothy L. Miles, by email at firstname.lastname@example.org, or telephone at (858) Tim-M-Law, or by filling out the contact form at the bottom of the link and someone will promptly call you back. There is no cost or obligation to you, so go ahead and call and see what an Coinbase Stock Loss Lawyer can do for you.
Timothy L. Miles, Esq.
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, and more.
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