SAN FRANCISCO, Nov. 6, 2026 /PRNewswire/ -- Global plaintiffs' rights law firm Hagens Berman Sobol Shapiro LLP is reminding investors in Coastal Financial Corporation (NASDAQ: CCB) of the upcoming court deadline to seek appointment as lead plaintiff in a pending federal securities class action.
Investors who purchased or acquired Coastal Financial common stock between Oct. 28, 2024 and July 29, 2026, inclusive (the "Class Period"), and who suffered financial losses, may move the Court for lead plaintiff appointment no later than Dec. 1, 2026. Investors are encouraged to submit their trading information or contact partner Reed Kathrein directly via email at CCB@hbsslaw.com or by calling 844-916-0895.
Case Details | Information |
Company Name | Coastal Financial Corporation |
Ticker Symbol | NASDAQ: CCB |
Class Period | Oct. 28, 2024 – July 29, 2026 |
Lead Plaintiff Deadline | Dec. 1, 2026 |
Court Venue | U.S. District Court, Western District of |
Case Caption | Allegheny County Employees' Retirement System |
Hagens Berman Coastal Financial Case Portal | |
Hagens Berman Contact Email | |
Hagens Berman Contact Phone | 844-916-0895 |
Hagens Berman Coastal Financial Case Video |
Coastal Financial Corporation (CCB) Securities Class Action Overview:
The securities class action focuses on statements made by Coastal Financial regarding the disciplined risk management, credit monitoring, and credit quality of its Banking-as-a-Service (BaaS) segment, known as CCBX. The complaint alleges that throughout the Class Period, Coastal Financial repeatedly assured investors that CCBX was expanding in a risk-aware manner with robust partner credit protections and indemnification structures. In reality, credit quality in a major partner portfolio had severely deteriorated, credit underwriting controls were inadequate, and the company was exposed to massive undisclosed credit losses.
The truth was revealed on July 30, 2026, when Coastal Financial announced its Q2 2026 financial results. The company reported a surprise quarterly GAAP net loss of $42.1 million, driven by a $68.8 million credit expense tied directly to a single CCBX partner relationship. This credit expense included a $46.0 million valuation adjustment to credit enhancement assets and a $22.8 million spike in provision for credit losses. Following this revelation, Coastal Financial's stock price plummeted $30.75 per share, or 43.5%, to close at $39.91 per share on July 30, 2026, wiping out hundreds of millions of dollars in market capitalization.
Focus of Hagens Berman's Investigation
Hagens Berman is actively investigating the alleged claims under Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934 in the pending litigation.
"We're focused on whether Coastal Financial may have misled investors about the effectiveness of its underwriting and credit risk management," said Reed Kathrein, a Hagens Berman partner.
If you invested in Coastal Financial and have substantial losses, or have knowledge that will assist the firm's investigation, submit your losses now »
Whistleblowers: Persons with non-public information regarding Coastal Financial should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CCB@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.
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SOURCE Hagens Berman Sobol Shapiro LLP
