Silvergate Capital Lawsuit SI | Deadline February 6, 2023
Silvergate Capital Class Action Lawsuit (SI Lawsuit)
A lawsuit has been filed against the Silvergate Capital Corporation, (SI:NYSE) on December 7 , 2022 at the court of the Southern District of California.
Investors who purchased or otherwise acquired SI common stock during the period from November 9, 2021 through November 17, 2022 can register their information before the deadline of February 6, 2023.
Is Silvergate Capital Involved in a Securities Class Action Lawsuit?
Yes, a lawsuit has been filed against Silvergate Capital Corporation on December 7, 2022, on behalf of shareholders during the period from November 9, 2021 – November 17, 2022.
What Is The Silvergate Capital Lawsuit About?
The Silvergate Capital Class Action Lawsuit (NYSE:SI) (Silvergate Capital Class Action Lawsuit) was filed on behalf of the investors who purchased Silvergate Capital (SI) securities between November 9, 2021 to November 17, 2022. For more on the SI Lawsuit please contact us today.
According to the Silvergate Capital lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(1) that the Company’s platform lacked sufficient controls and procedures to detect instances of money laundering;
(2) that Silvergate’s customers had engaged in money laundering in amounts exceeding $425 million;
(3) that, as a result of the foregoing, the Company was reasonably likely to receive regulatory scrutiny and face damages, including penalties and reputational harm; and
(4) that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
How much did SI stock drop?
Shareholders who held SI securities saw stock price fell $6.13, or 17%, to close at $29.36 per share on November 15, 2022, on unusually heavy trading volume.
Moreover, the Company’s Class A common stock price fell $3.00, or 10.7%, to close at $24.90 per share on November 18, 2022, on unusually heavy trading volume.
What does SI Do?
Silvergate Capital Corporation operates as a bank holding company for Silvergate Bank that provides banking products and services to business and individual clients in the United States.
The company accepts deposit products, including interest and noninterest bearing demand accounts, money market and savings accounts, and certificates of deposit accounts.
Its loan products comprise one-to-four family real estate loans, multi-family real estate loans, commercial real estate loans, construction loans, commercial and industrial loans, mortgage warehouse loans, and reverse mortgage loans, as well as consumer loans and other loans secured by personal property.
The company also provides cash management services for digital currency-related businesses. Silvergate Capital Corporation was founded in 1988 and is headquartered in La Jolla, California.
Which Class Action Attorney Firm Can Help With The SI Lawsuit?
Levi & Korsinsky LLP is a Securities Class Action Law Firm. For over 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
Does It Cost Me To Join The SI Class Action?
No, there are no out of pocket costs for you to join Silvergate Capital Lawsuit.
What Is the Lead Plaintiff Process?
According to the Private Securities Reform Act of 1995, any investor who bought or acquired SI securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The SI class-action lawsuit is directed by the lead plaintiff. To litigate the Silvergate Capital Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the Silvergate Class Action Lawsuit.
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