CRYPTOCURRENCY UPDATES: CRYPTO INVESTORS ARE ENCOURAGED TO GET IN TOUCH WITH THE FIRM AFTER CLASS ACTION LAWSUITS AGAINST COINBASE, CARVANA, AND KIROMIC WERE FILED, ACCORDING TO BRAGAR EAGEL & SQUIRE, P.C. | VERY USEFUL 5 MIN READ.

CRYPTO INVESTORS ARE ENCOURAGED TO GET IN TOUCH WITH THE FIRM
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CRYPTOCURRENCY UPDATES: CRYPTO INVESTORS ARE ENCOURAGED TO GET IN TOUCH WITH THE FIRM AFTER CLASS ACTION LAWSUITS AGAINST COINBASE, CARVANA, AND KIROMIC WERE FILED, ACCORDING TO BRAGAR EAGEL & SQUIRE, P.C.:

CRYPTO INVESTORS ARE ENCOURAGED TO GET IN TOUCH WITH THE FIRM AFTER CLASS ACTION LAWSUITS AGAINST COINBASE, CARVANA, AND KIROMIC WERE FILED, ACCORDING TO BRAGAR EAGEL & SQUIRE, P.C., WE WILL ABOUT THIS IN DETAIL.

ON AUGUST 15, 2022, NEW YORK (GLOBE NEWSWIRE) INVESTORS ARE REMINDED THAT CLASS ACTIONS HAVE BEEN STARTED ON BEHALF OF STOCKHOLDERS OF COINBASE GLOBAL, INC. (NASDAQ: COIN), CARVANA CO. (NYSE: CVNA), AND KIROMIC BIOPHARMA, INC. BY BRAGAR EAGEL & SQUIRE, P.C., A WELL-KNOWN SHAREHOLDER RIGHTS LAW FIRM (NASDAQ: KRBP). SHAREHOLDERS MAY REQUEST THE COURT TO APPOINT THEM AS LEAD PLAINTIFFS UNTIL THE DATES LISTED BELOW. YOU CAN READ MORE DETAILS ABOUT EACH CASE BY CLICKING THE SUPPLIED LINK.

FOR THE BITCOIN ECONOMY (OR “CRYPTO-ECONOMY”) IN THE UNITED STATES AND AROUND THE WORLD, COINBASE OFFERS FINANCIAL INFRASTRUCTURE, TECHNOLOGY GOODS, AND SERVICES. ACCORDING TO THE COMPANY, INSTITUTIONS CAN TRANSACT IN CRYPTO ASSETS ON A MARKET WITH A POOL OF LIQUIDITY, AND ECOSYSTEM PARTNERS CAN CREATE CRYPTO-BASED APPLICATIONS AND SECURELY ACCEPT CRYPTO ASSETS AS PAYMENT USING TECHNOLOGY AND SERVICES THAT THE COMPANY IS ALLEGEDLY OFFERING.

CRYPTO INVESTORS ARE ENCOURAGED TO GET IN TOUCH WITH THE FIRM
CRYPTO INVESTORS ARE ENCOURAGED TO GET IN TOUCH WITH THE FIRM

CRYPTO INVESTORS ARE ENCOURAGED TO GET IN TOUCH WITH THE FIRM AFTER CLASS ACTION LAWSUITS AGAINST COINBASE, CARVANA, AND KIROMIC WERE FILED, ACCORDING TO BRAGAR EAGEL & SQUIRE, P.C.:

IN ITS FIRST QUARTER 2022 REPORT, PUBLISHED ON MAY 10, 2022, AFTER THE MARKETS HAD CLOSED, COINBASE STATED THAT: “[B]ECAUSE CUSTODIAL HELD CRYPTOCURRENCY INVESTMENTS MAY BE REGARDED AS THE ASSETS OF A COMPANY’S DEBTS, IN THE SITUATION OF A BANKRUPTCY, THE CRYPTO ASSETS WE KEEP IN CAPTIVITY ON ON BEHALF OF OUR CLIENTS COULD BE SUBJECT TO BANKRUPTCY FILING AND SUCH CUSTOMERS COULD BE VIEWED AS OUR GENERAL UNSECURED CREDITORS.”

THE PRICE OF COINBASE’S CLASS A COMMON STOCK DROPPED $19.27 A SHARE, OR 26.4%, AFTER THIS DISCLOSURE, ENDING THE DAY ON MAY 11, 2022, AT $53.72.

COINBASE’S CEO, DEFENDANT BRIAN ARMSTRONG, COMMENTED ON THE NOTICE IN A SUBSEQUENT TWEET, SAYING: “WE SHOULD HAVE UPDATED OUR RETAIL TERMS SOONER, AND WE DIDN’T COMMUNICATE PROACTIVELY WHEN THIS RISK INFORMATION WAS ADDED. MY SINCERE APOLOGIES; THIS WILL SERVE AS A USEFUL LESSON FOR OUR NEXT CHANGES.

IN AN ARTICLE TITLED “NOT YOUR KEYS, NOT YOUR COINS: UNPRICED CREDIT RISK IN CRYPTOCURRENCY,” TO BE PUBLISHED IN THE TEXAS LAW REVIEW, GEORGETOWN UNIVERSITY LAW CENTER PROFESSOR ADAM J. LEVITIN ARGUES THAT IF A CRYPTOCURRENCY EXCHANGE FILES FOR BANKRUPTCY, BANKRUPTCY COURTS ARE LIKELY TO VIEW CUSTODIAL HOLDINGS OF CRYPTOCURRENCIES AS THE BANKRUPT EXCHANGE’S PROPERTY RATHER THAN THE PROPERTY OF THE CUSTODIAL HOLDERS.

AFTER THE MARKETS HAD CLOSED ON JULY 25, 2022, BLOOMBERG SAID THAT COINBASE WAS BEING INVESTIGATED BY THE SEC TO DETERMINE WHETHER IT HAD INAPPROPRIATELY PERMITTED AMERICANS TO TRADE DIGITAL ASSETS THAT SHOULD HAVE BEEN REGISTERED AS SECURITIES.

THE PRICE OF COINBASE’S CLASS A COMMON STOCK DECREASED $14.14 PER SHARE, OR 21.08%, ON THIS NEWS, ENDING THE DAY AT $52.93 PER SHARE ON JULY 26, 2022.

ACCORDING TO THE COMPLAINT, THE DEFENDANTS MADE MATERIALLY FALSE AND DECEPTIVE CLAIMS ABOUT THE BUSINESS, OPERATIONS, AND COMPLIANCE PROCEDURES OF THE COMPANY THROUGHOUT THE CLASS PERIOD.

SPECIFICALLY, THE DEFENDANTS LIED, MISLED, OR OMITTED TO STATE THAT: (I) COINBASE HELD CRYPTOCURRENCY ASSETS IN CUSTODIAL STATUS ON BEHALF OF ITS CLIENTS, WHICH ASSETS COULD BE SUBJECT TO BANKRUPTCY PROCEEDINGS IN WHICH COINBASE’S CLIENTS WOULD BE TREATED AS THE COMPANY’S GENERAL UNSECURED CREDITORS; (II) COINBASE PERMITTED AMERICANS TO TRADE CRYPTOCURRENCY; AND (III) COINBASE HELD CRYPTOCURRENCY ASSETS IN CUSTODIAL STATUS ON BEHALF OF ITS CLIENTS.

BARRON RELEASED AN ARTICLE TITLED “CARVANA SOUGHT TO DISRUPT AUTO SALES” ON JUNE 24, 2022. IT DELIVERED UNDRIVABLE CARS,” STATING THAT “[I]N ITS EAGERNESS TO GAIN MARKET SHARE FROM COMPETITORS, CARVANA WAS SELLING CARS FASTER THAN IT COULD GET THEM REGISTERED TO THEIR NEW OWNERS” AND “AROUND ONE POINT FORMED AN AD HOC FORCE KNOWN AS THE ‘UNRIDEABLE-CAR TASK FORCE'”; “[I]N OTHER SITUATIONS…

IN MANY OF THE STATES WHERE THE COMPANY CONDUCTS BUSINESS, CARVANA SOLD AUTOMOBILES BEFORE IT POSSESSED TITLE TO THE VEHICLES, WHICH IS AGAINST THE LAW. IN ADDITION, “STATE REGULATORS ACROSS THE U.S. HAVE BEEN SUBJECTING [CARVANA] TO SUSPENSIONS OR ENHANCED SCRUTINY OVER REGISTRATION DELAYS AND ITS PRACTICE OF ISSUING SEVERAL TEMPORARY LICENCE PLATES FROM STATES WHERE IT HAS DEALER’S LICENCES, INSTEAD OF SWIFTLY GRANTING PERMANENT ONES.”

IN THE ARTICLE, IT WAS STATED, FOR INSTANCE, THAT “PENNSYLVANIA OFFICIALS SUSPENDED [CARVANA’S] LICENCE TO ISSUE TEMPORARY PERMITS AT ITS TWO VENDING-MACHINE TOWERS IN THAT STATE… SUBMITTING LATE DOCUMENTS, “IMPROPER ISSUANCE AND VERIFICATION OF TEMPORARY PENNSYLVANIA PLATES IN OTHER STATES,” AND OTHER VIOLATIONS.”OVER THE FOLLOWING TWO TRADING DAYS AS A RESULT OF THIS NEWS, INVESTORS SUFFERED A 21% DECLINE IN THE SHARE PRICE OF CARVANA.

IN THE CARVANA CLASS ACTION LAWSUIT, IT IS ALLEGED THAT THROUGHOUT THE CLASS PERIOD, THE DEFENDANTS ISSUED FALSE AND DECEPTIVE STATEMENTS AND NEGLECTED TO DISCLOSE THAT:  

  • CARVANA HAD SIGNIFICANT, ONGOING PROBLEMS WITH DOCUMENTATION, REGISTRATION, AND TITLE WITH MANY OF ITS VEHICLES;
  • AS A RESULT, CARVANA WAS RELEASING ABNORMALLY RECURRING TRANSITORY PLATES;
  • AS A CONSEQUENCE, CARVANA WAS BREAKING LAWS AND REGULATIONS IN SEVERAL EXISTING BUSINESSES;
  • AS A RESULT, CARVANA PUT ITS ABILITY TO OPERATE AND/OR GROW IN EXISTING MARKETS AT RISK;
  • AS A RESULT, CARVANA WAS AT AN INCREASED RISK OF GOVERNMENTAL SCRUTINY AND ACTION;
  • CARVANA WAS IN CONSULTATION WITH STATE AND LOCAL AUTHORITIES REGARDING THE AFOREMENTIONED BUSINESS STRATEGIES AND ISSUES; AND
  • CARVANA WAS CONFRONTED WITH IMPENDING AND ONGOING REGULATORY ACTIONS SUCH AS LICENCE SUSPENSIONS, BUSINESS CESSATION, AND PROBATION IN SEVERAL STATES.

THE OFFERING DOCUMENTS ALLEGEDLY CONTAINED REPRESENTATIONS INDICATING THAT THE FDA HAD NOT PLACED A CLINICAL HOLD PRIOR TO THE SUBMISSION OF THE REGISTRATION STATEMENT AND PROSPECTUS, NOTWITHSTANDING THE COMPLAINT’S CLAIMS TO THE CONTRARY. INVESTORS WERE GIVEN THE ASSURANCE THAT NO CLINICAL HOLD HAD BEEN PLACED AND THAT CLINICAL TRIALS WILL BEGIN BECAUSE THE OFFERING CLOSED ON JULY 2, 2021, MORE THAN THIRTY (30) DAYS AFTER THE COMPANY SUBMITTED THE IND APPLICATIONS FOR ITS TWO IMMUNOTHERAPY PRODUCT CANDIDATES.

NEVERTHELESS, THE COMPANY HAD RECEIVED NOTIFICATIONS FROM THE FDA ON JUNE 16 AND 17, 2021, ADVISING IT THAT THE FDA HAD PUT THE IND APPLICATIONS FOR ITS TWO CANDIDATE DRUGS ON CLINICAL HOLD. CLINICAL TESTING WAS SUPPOSED TO START IN THE THIRD QUARTER OF 2021, HOWEVER, THIS INFORMATION WAS NOT INCLUDED IN THE OFFERING DOCUMENTS. GIVEN THE FDA’S INSTALLATION OF A CLINICAL HOLD, CLINICAL TESTING DID NOT PROCEED IN THE THIRD QUARTER OF 2021 AND WAS NOT LIKELY TO DO SO EITHER.

CRYPTO INVESTORS ARE ENCOURAGED TO GET IN TOUCH WITH THE FIRM
CRYPTO INVESTORS ARE ENCOURAGED TO GET IN TOUCH WITH THE FIRM

CONCLUSION ON CRYPTO INVESTORS ARE ENCOURAGED TO GET IN TOUCH WITH THE FIRM AFTER CLASS ACTION LAWSUITS AGAINST COINBASE, CARVANA, AND KIROMIC WERE FILED, ACCORDING TO BRAGAR EAGEL & SQUIRE, P.C.:

A REPUTABLE LAW COMPANY HAVING LOCATIONS IN NEW YORK, CALIFORNIA, AND SOUTH CAROLINA IS BRAGAR EAGEL & SQUIRE, P.C. IN COMMERCIAL, SECURITIES, DERIVATIVE, AND OTHER COMPLEX LITIGATION IN STATE AND FEDERAL COURTS ACROSS THE NATION, THE COMPANY REPRESENTS INDIVIDUAL AND INSTITUTIONAL INVESTORS. VISIT WWW.BESPC.COM FOR MORE DETAILS ABOUT THE COMPANY. LAWYER MARKETING. PREVIOUS OUTCOMES MAY NOT GUARANTEE FUTURE SUCCESS.

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CRYPTOCURRENCY UPDATES: CRYPTO INVESTORS ARE ENCOURAGED TO GET IN TOUCH WITH THE FIRM AFTER CLASS ACTION LAWSUITS AGAINST COINBASE, CARVANA, AND KIROMIC WERE FILED, ACCORDING TO BRAGAR EAGEL & SQUIRE, P.C. | VERY USEFUL 5 MIN READ.

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