Attention Shareholders Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Securities Fraud Class Action Lawsuit Filed against Silvergate Capital Corporation and Encourages Investors to Contact the Firm
The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of California against Silvergate Capital Corporation (“Silvergate”) (NYSE: SI). The action charges Silvergate with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Silvergate’s materially misleading statements and omissions to the public, Silvergate’s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR SILVERGATE LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/silvergate-capital-corporation?utm_sour ...
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PLAINTIFF DEADLINE: FEBRUARY 6, 2023
CLASS PERIOD: NOVEMBER 9, 2021 THROUGH NOVEMBER 17, 2022
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at firstname.lastname@example.org
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
SILVERGATE’S ALLEGED MISCONDUCT
The Class Period begins on November 9, 2021. On that day, Silvergate filed its quarterly report on a Form 10-Q for the period ended September 30, 2021 which assured investors that the company’s “disclosure controls and procedures were effective as of September 30, 2021.”
On November 15, 2022, Marcus Aurelius Research tweeted that "[r]ecently subpoenaed Silvergate bank records reveal $425 million in transfers from $SI crypto bank accounts to South American money launderers. Affidavit from investigation into crypto crime ring linked to smugglers/drug traffickers." Following this news, Silvergate’s Class A common stock price fell $6.13, or 17%, to close at $29.36 per share on November 15, 2022.
Then on November 17, 2022, The Bear Cave newsletter released an article about several companies with potential exposure to recently collapsed crypto currency exchange FTX, including Silvergate. The article highlighted the connection linking Silvergate to a money laundering operation that transferred $425 million off crypto currency trading platforms. Following this news, Silvergate’s Class A common stock price fell $3.00, or 10.7%, to close at $24.90 per share on November 18, 2022.
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