Kirby McInerney LLP has launched an investigation into Coastal Financial Corporation over potential securities law violations. The investigation follows Coastal's July 30, 2026 announcement of a second-quarter net loss of $42.1 million, or $2.76 per diluted share, compared to net income of $12.0 million, or $0.78 per diluted share, in the prior quarter. The company attributed the loss primarily to a $68.8 million credit expense tied to a single CCBX partner relationship. On that news, Coastal shares fell as much as $30.75 per share, or 43.5%, to close at $39.91. No lawsuit has been filed, and the investigation is ongoing.
Coastal Financial CorpCoastal Financial reported a Q2 net loss of $42.1M due to a $68.8M credit expense, causing shares to drop 43.5%.