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 focuses on potential securities fraud or unlawful business practices related to disclosures made during an earnings call on July 30, 2026. The legal action follows a massive $42.1 million GAAP net loss reported by Coastal, which was largely driven by a $68.8 million credit expense tied to a single CCBX partner relationship. This expense included a $46 million valuation adjustment and a $22.8 million provision for credit losses involving an underlying loan portfolio of approximately $500 million. Market reaction to the financial disclosure was severe, 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 as Lead Plaintiffs have until December 1, 2026, to submit their requests to the court.
Tickers: $CCB
Topics: class action lawsuit credit loss earnings miss securities fraud