Class Action Lawsuit Filed Against Coastal Financial Corporation Following Significant Net Loss
Pomerantz LLP has announced a class action lawsuit against Coastal Financial Corporation (NASDAQ: CCB) following the company's second quarter 2026 financial results. The litigation investigates whether the company and its executives engaged in securities fraud or unlawful business practices related to recent financial disclosures. The legal action follows a July 30, 2026, announcement where Coastal reported a surprise GAAP net loss of $42.1 million. This loss was primarily driven by a $68.8 million credit expense linked to a single CCBX partner relationship, involving valuation adjustments and provisions for credit losses on an approximately $500 million loan portfolio. The market reacted sharply to the disclosure, with Coastal's stock price plummeting 43.5% to close at $39.91 per share on the day of the announcement. Investors seeking to be appointed Lead Plaintiff have until December 1, 2026, to submit their requests to the court.
Tickers: $CCB
Topics: class action lawsuit credit loss earnings miss securities fraud