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COIN.US
id: 1346
Coinbase (COIN) AML Deficiencies Case
E.D. Pennsylvania
Court2:24-cv-04850
Case number04/14/2021
Class period Start07/25/2024
Class period End11/12/2024
Lead Plaintiff motion deadlineCoinbase stockholders filed a claim against Coinbase Global for failing to disclose problems with its anti-money laundering controls, which hurt its reputation and caused its stock to drop.
- On July 25, 2024, news about regulatory action caused Coinbase's stock to fall by over 15%, leading to significant financial losses for shareholders.
- Affected Coinbase investors may join the claim to be notified about potential recovery.
On July 25, 2024, the Financial Conduct Authority (FCA) announced an enforcement action against CB Payments Limited, a Coinbase subsidiary.
- The FCA revealed that Coinbase did not have proper systems in place to prevent illegal activity on its platform.
As a result of this news, Coinbase’s stock dropped by 15%, causing billions of dollars in losses for investors.
Based on these events, Coinbase stockholders filed a claim against the company and its leaders, accusing them of the following:
- Failing to disclose serious problems with its anti-money laundering controls.
- Misleading investors about Coinbase’s compliance with financial regulations, which caused the stock to be overvalued.
Given these issues, investors believe Coinbase misled the public about its compliance, which directly impacted its stock price and investor confidence.
One of Coinbase’s investors has already filed a claim against the company in the U.S. District Court for the Eastern District of Pennsylvania.
Case Status
Lead Plaintiff Submission
Alleged Offence
Mismanagement,
Misleading Statements,
Fraud
Suspected Party
Directors,
Management,
Service Provider
Security Type
Crypto Asset
Trade Direction
Long
Shock Event Date
07/25/2024
Filing date
09/13/2024
Lead Plaintiff Deadline
11/12/2024
Judge
Joel H. Slomsky