NEW YORK, Oct. 06, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Coastal Financial Corporation (“Coastal” or the “Company”) (NASDAQ: CCB). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Coastal and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until December 1, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Coastal securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On July 30, 2026, Coastal announced its second quarter 2026 financial results and held an earnings call to provide investors with additional context concerning its financial performance and key developments. During the call, Coastal’s top officers acknowledged that the quarter included “significant and unusual items that warrant a direct explanation.” Coastal reported a surprise GAAP net loss of $42.1 million, driven primarily by a $68.8 million credit expense associated with a single CCBX partner relationship. The credit expense consisted of a $46 million valuation adjustment to the related credit enhancement asset and a $22.8 million provision for credit losses associated with the partner’s indemnification obligations. Coastal further disclosed that the affected portfolio consisted of approximately $500 million in underlying loans, together with the related reimbursement exposure.
On this news, Coastal’s stock price fell $30.75 per share, or 43.5%, to close at $39.91 per share on July 30, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
