Class Action Lawsuit Filed Against Coastal Financial Corporation
Law firm Robbins LLP has initiated a class action against Coastal Financial Corporation, alleging the company misled investors regarding its risk management and credit quality.
Robbins LLP has announced a class action lawsuit against Coastal Financial Corporation on behalf of investors who purchased shares between October 28, 2024, and July 29, 2026. The complaint alleges that the bank holding company provided materially misleading statements concerning its CCBX business unit and the credit quality of its loan portfolios.
The litigation follows a July 30, 2026, earnings report in which Coastal Financial disclosed a $42.1 million quarterly loss. This result was driven by a $68.8 million credit expense linked to a specific partner relationship within its CCBX division. The disclosure revealed that approximately $500 million in underlying loans had experienced significant deterioration, prompting a $30.75 per-share drop in the company's stock price and the loss of nearly $470 million in market capitalization.
Investors seeking to serve as lead plaintiff have until December 1, 2026, to contact the firm. The lawsuit remains in the preliminary stages, and the firm is representing participants on a contingency basis.