ACCESSWIRE
21 Jan 2023, 00:19 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / January 20, 2023 / Hagens Berman urges Silvergate Capital Corporation (NYSE:SI) investors who suffered significant losses to submit your losses now.
Class Period: Nov. 9, 2021 - Jan. 5, 2023
Lead Plaintiff Deadline: Feb. 6, 2023
Visit: www.hbsslaw.com/investor-fraud/SI
Contact An Attorney Now: SI@hbsslaw.com
844-916-0895
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 Cavereleased an article emphasizing Silvergate's potential exposure to recently collapsed cryptocurrency exchange FTX.
The risks presented by Silvergate's deficient controls and procedures have further materialized after the class period. Specifically, on Jan. 5, 2023 Silvergate reported that (1) its total deposits from digital asset customers as of Dec. 31, 2022 declined by a whopping $8.1 billion, or down 68%, from Sept. 30, 2022, (2) to maintain liquidity it sold $5.2 billion of debt securities at a loss of $718 million, and (3) it is firing 40% of its workforce.
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.
If you invested in Silvergate and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Silvergate should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SI@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
Get a daily dose of Seattle Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Seattle Bulletin.
More InformationTOKYO, Japan: Japanese Prime minister Fumio Kishida said this week that it was "now or never" for Japan, one of ...
WASHINGTON D.C.: As part of its efforts to simplify the national COVID-19 vaccine strategy, the US Food and Drug Administration ...
WASHINGTON D.C.: US authorities said this week that a surge in Cubans and Nicaraguans arriving at the US border with ...
OTTAWA, Canada: Canadian Prime Minister Justin Trudeau's Liberal government plans to implement its long-awaited workforce transition bill, the "Just Transition," ...
TOKYO, Japan: The Yomiuri newspaper has reported that Japanese Prime Minister Fumio Kishida is planning to visit Kyiv in February ...
HONOLULU, Hawaii: The casket bearing Abigail Kinoiki Kekaulike Kawananakoa, long considered the last Hawaiian princess, has gone on public viewing ...
BANGKOK, Thailand: Following China's reopening and the end of its strict COVID-19 restrictions, businesses on Thailand's holiday island of Phuket ...
NEW YORK, New York - Recession fears faded on Wall Street Thursday as annualized 4th quarter GDP (gross domestic product) ...
WASHINGTON D.C.: In December 2022, US existing home sales declined to a 12-year low, but lower mortgage rates raised cautious ...
SEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days ...
SEATTLE, Washington: Amazon.com's cloud services division, Amazon Web Services (AWS), has announced that it will expand its data centers in ...
NEW YORK, New York - U.S. stocks crumbled on Wednesday as the extended rally on Wall Street came to an ...