Deadline Alert: Coastal Financial Corporation Investors Have Until December 1, 2026 to Seek Lead Plaintiff Role in Securities Fraud Class Action, Glancy Prongay Wolke & Rotter LLP Reminds
LOS ANGELES, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Investors in Coastal Financial Corporation ("Coastal Financial" or the "Company") (NASDAQ: CCB) have until December 1, 2026 to ask the Court to appoint them lead plaintiff in a securities fraud class action lawsuit filed on behalf of investors who purchased or otherwise acquired Coastal Financial Corporation securities between October 28, 2024 and July 29, 2026, inclusive. Glancy Prongay Wolke & Rotter LLP ("Glancy") today reminded investors of the upcoming deadline. The Coastal Financial Corporation case, Allegheny County Employees' Retirement System v. Coastal Financial Corporation et al., was filed on October 2, 2026 and is pending in the USDC Western District of Washington at Seattle (Case No. 2:26-cv-03746).
Investors who suffered losses on Coastal Financial Corporation investments can contact Glancy about the Coastal Financial Corporation class action to learn about potentially pursuing claims under the federal securities laws before the December 1, 2026 deadline.
Deadline and key dates for Coastal Financial Corporation investors
- Lead plaintiff deadline: December 1, 2026
- Class period: October 28, 2024 to July 29, 2026, inclusive
- Complaint filed: October 2, 2026
- Court: USDC Western District of Washington at Seattle
What happened?
On July 30, 2026, Coastal Financial reported second quarter 2026 financial results, including a net loss of $42.1 million, or $(2.76) per diluted common share, compared to net income of $12.0 million, or $0.78 per diluted common share, in the prior quarter. The Company stated the net loss was primarily attributable to a $68.8 million credit expense related to a single, isolated CCBX (Banking-as-a-Service) partner relationship.
On this news, shares of Coastal fell $30.75 or 43.52%, to close at $39.91 on July 30, 2026, thereby injuring investors.
What does the Coastal Financial Corporation complaint allege?
The Coastal Financial Corporation securities lawsuit alleges that, throughout the class period, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about Coastal Financial Corporation's business, operations, and prospects. Specifically, the complaint alleges defendants failed to disclose to investors that: (1) the credit quality of a substantial CCBX partner loan portfolio, comprising approximately $500 million in loans and nearly 23% of all CCBX loans, had materially deteriorated; (2) as a result of that deterioration, Coastal faced significant exposure to credit losses notwithstanding Defendants’ repeated representations concerning the credit protections provided by its CCBX partner agreements; (3) Coastal’s risk management and credit monitoring practices were inadequate to identify, adequately account for, and mitigate the deterioration of the CCBX partner loan portfolio and the resulting risks to Coastal; and (4) as a result, defendants' positive statements about Coastal Financial Corporation's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Investors who purchased or otherwise acquired Coastal Financial Corporation securities during the class period may move the Court no later than December 1, 2026 to request appointment as lead plaintiff in this putative class action lawsuit.
"The complaint filed against Coastal Financial Corporation alleges that, among other things, the Company failed to disclose that the credit quality of a substantial CCBX partner loan portfolio, comprising approximately $500 million in loans and nearly 23% of all CCBX loans, had materially deteriorated. Investors who want to help lead this case must ask the Court by December 1, 2026, and that date is coming soon," said Charles H. Linehan, Partner at Glancy Prongay Wolke & Rotter LLP.
What's the next step?
Glancy Prongay Wolke & Rotter LLP is a leading national shareholder rights law firm that can help Coastal Financial Corporation investors evaluate potential claims to recover their losses. Investors who wish to serve as lead plaintiff in the Coastal Financial Corporation class action must move the Court by December 1, 2026. To learn more, visit the Coastal Financial Corporation case page, email shareholders@glancylaw.com, or call 310-201-9150 (toll-free: 888-773-9224).
If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
To be a member of the Coastal Financial Corporation class, you need not take any action at this time. You may retain counsel of your choice or take no action and remain an absent class member. No class has been certified yet in the Coastal Financial Corporation case.
Frequently Asked Questions
Who is eligible? Investors who purchased or otherwise acquired Coastal Financial Corporation securities between October 28, 2024 and July 29, 2026 and suffered losses may be members of the proposed class in the Coastal Financial Corporation shareholder lawsuit.
When is the Coastal Financial Corporation lead plaintiff deadline? Motions to serve as lead plaintiff in the Coastal Financial Corporation class action must be filed with the USDC Western District of Washington at Seattle by December 1, 2026.
What if I miss the Coastal Financial Corporation deadline? After December 1, 2026, investors generally can no longer ask to be appointed lead plaintiff, but Coastal Financial Corporation investors may still remain class members. Their ability to share in any future recovery does not depend on serving as lead plaintiff.
What is a lead plaintiff? In the Coastal Financial Corporation class action, the lead plaintiff is the investor, or group of investors, that the court appoints to represent all class members and oversee the case. Under the Private Securities Litigation Reform Act, courts generally presume the movant with the largest financial interest is the most adequate lead plaintiff.
Does it cost anything to contact Glancy or participate in this action? Glancy represents Coastal Financial Corporation investors on a contingency fee basis, which means investors pay no attorneys' fees unless there is a recovery. Any fees are subject to court approval and are paid from the recovery.
Why work with Glancy on the Coastal Financial Corporation lawsuit? Glancy Prongay Wolke & Rotter LLP is a premier law firm with decades of experience representing investors and consumers in securities litigation and other complex class action litigation. Contact Glancy about the Coastal Financial Corporation class action. Prior results do not guarantee a similar outcome.
About Glancy Prongay Wolke & Rotter LLP
Glancy was named one of Law360's Securities Groups of the Year and ranked second in total investor recoveries by ISS Securities Class Action Services in 2025.
Glancy's successes have been widely covered by leading news and industry publications, including The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money.
Prior results do not guarantee a similar outcome.
Related links
- Coastal Financial Corporation case page, Glancy Prongay Wolke & Rotter LLP
- Complaint: Allegheny County Employees' Retirement System v. Coastal Financial Corporation et al., USDC Western District of Washington at Seattle
- press release
- Coastal Financial Corporation SEC filings index, EDGAR
- Glancy Prongay Wolke & Rotter LLP
Contact
Glancy Prongay Wolke & Rotter LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Email: shareholders@glancylaw.com
Telephone: 310-201-9150 | Toll-free: 888-773-9224
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