Class Period: Nov. 9, 2021 – Nov. 17, 2022
Lead Plaintiff Deadline: Feb. 6, 2023
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Silvergate Capital Corporation (NYSE: SI) Securities Class Action
The complaint alleges that Defendants misrepresented and failed to disclose to investors: (1) that Silvergate’s platform lacked sufficient controls and procedures to detect instances of money laundering; (2) that Silvergate’s customers engaged in money laundering in amounts exceeding $425 million; and (3) as a result, the company was reasonably likely to come under regulatory scrutiny and face damages, including penalties and reputational harm.
The truth began to emerge on Nov. 15, 2022, when analyst Marcus Aurelius Research highlighted the connection linking Silvergate to a money laundering operation that transferred $425 million off cryptocurrency trading platforms.
Then, on Nov. 17, 2022, analyst The Bear Cave released an article emphasizing Silvergate’s potential exposure to recently collapsed cryptocurrency exchange FTX.
In response to these events, the price of Silvergate shares has significantly declined.
“We’re focused on investors’ losses and whether Silvergate misled investors about the sufficiency of its controls to protect deposits from misappropriation,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
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