Silvergate Capital Corporation (NYSE: SI) Securities Fraud Class Action

Case Background:

A class action lawsuit has been filed on behalf of those who purchased or acquired Silvergate Capital Corporation (NYSE: SI) common stock between November 11, 2020 and January 5, 2023, both dates inclusive (the “Class Period”). 

The complaint against Silvergate alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (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.

Current Status of Case:

After briefing concluded on Defendants’ Motion to Dismiss, the Court held oral argument on the Motion on November 29, 2023.  The Court took the Motion under advisement and has not yet issued an opinion. This action is ongoing.  

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP:  Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com.  If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.