SAN DIEGO, Oct. 5, 2026 /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Coastal Financial Corporation (NASDAQ: CCB) common stock between October 28, 2024 and July 29, 2026, inclusive (the "Class Period"), have until December 1, 2026 to seek appointment as lead plaintiff of the Coastal Financial class action lawsuit.  Captioned Allegheny County Employees' Retirement System v. Coastal Financial Corporation, No. 26-cv-03746 (W.D. Wash.), the Coastal Financial class action lawsuit charges Coastal Financial and certain of Coastal Financial's top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Coastal Financial class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-coastal-financial-corporation-class-action-lawsuit-ccb.html

You can also contact attorneys Ken Dolitsky or Michael Albert of Robbins Geller by calling 800/851-7783 or via e-mail at info@rgrdlaw.com.

CASE ALLEGATIONS: Coastal Financial operates as the bank holding company for Coastal Community Bank, which provides various banking products and services to consumers and small and medium-sized businesses.  Through its CCBX segment, Coastal Financial provides "banking as a service" ("BaaS") to digital financial service providers, companies, and brands, enabling its partners to offer banking and other financial services to their customers.

The Coastal Financial class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) as a result of that deterioration, Coastal Financial faced significant exposure to credit losses notwithstanding defendants' repeated representations concerning the credit protections provided by its CCBX partner agreements; and (iii) Coastal Financial'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 Financial.

The Coastal Financial class action lawsuit further alleges that on July 30, 2026, Coastal Financial announced its second quarter 2026 financial results and held an earnings call.  During the call, defendants acknowledged that the quarter included "significant and unusual items that warrant a direct explanation."  Coastal Financial 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.  Defendants further disclosed that the affected portfolio consisted of approximately $500 million in underlying loans, together with the related reimbursement exposure.  On this news, the price of Coastal Financial stock fell more than 43%.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Coastal Financial common stock during the Class Period to seek appointment as lead plaintiff in the Coastal Financial class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Coastal Financial class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Coastal Financial class action lawsuit.  An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Coastal Financial class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder rights litigation.  Our Firm ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report, recovering more than $916 million for investors in 2025.  This marks our fourth #1 ranking in the past five years.  And in those five years alone, Robbins Geller recovered $8.4 billion for investors – $3.4 billion more than any other law firm.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices. 

Contact:

          Robbins Geller Rudman & Dowd LLP
          Ken Dolitsky
          Michael Albert
          655 W. Broadway, Suite 1900, San Diego, CA 92101
          800/851-7783
          info@rgrdlaw.com 

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SOURCE Robbins Geller Rudman & Dowd LLP