Silvergate Capital Corporation

Ticker: SI

Class Period Start: 11/09/2021

Class Period End: 11/08/2022

Registration Deadline: 02/07/2023

A securities class action has been filed in the USDC – S.D.CA. against Silvergate Capital Corporation (SI) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired SIsecurities between November 9, 2021 through November 17, 2022.

The Complaint alleges that the Defendants made statements that were materially false and/or misleading, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:

  •  that the Company’s platform lacked sufficient controls and procedures to detect instances of money laundering;
  • that the Company’s customers had engaged in money laundering in amounts exceeding $425 million;
  • 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
  • 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.

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