RADNOR, Pa.--(BUSINESS WIRE)--
The law firm of () 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”) (). 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.
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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
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.
WHAT CAN I DO?
Silvergate investors may, no later than February 6, 2023, move the Court to serve as lead plaintiff for the class, through or other counsel, or may choose to do nothing and remain an absent class member. encourages Silvergate investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Silvergate, captioned Rosa v. Silvergate Capital Corporation, et al. and docketed under 22-cv-01936, is filed in the United States District Court for the Southern District of California before the Honorable Cathy Ann Bencivengo.
TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about please visit .
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